Track your LRS quota — how much is left?
See how much of your $250,000 LRS quota is used, TCS by purpose, and whether to remit now or wait for the April 1 reset.
⚠️ Are you a Resident Indian for this financial year?
LRS applies to Resident Indians only — not NRIs. If you're an NRI, your rules are different (NRE/NRO flows, NRO repatriation cap).
LRS applies to Resident Indians only — not NRIs. If you're an NRI, your rules are different (NRE/NRO flows, NRO repatriation cap).
How this works
The Liberalised Remittance Scheme (LRS) lets every Resident Indian send up to $250,000 abroad per financial year for permitted purposes. Quota resets on April 1 every year, and unused balance can't carry forward.
TCS (Section 206C) applies above a Rs 7 lakh threshold per purpose per FY: education-loan remittances attract 0.5%, education-self and medical attract 2% (reduced from 5% by Budget 2026), and everything else attracts 20%. All TCS is fully refundable via ITR — it's just an advance-tax mechanism, not a real cost.
Sources & References
Frequently Asked Questions
- What counts against LRS?
- All outward remittances for personal purposes — education, medical, gifts, investment abroad, property purchase, travel, maintenance of relatives.
- What does NOT count?
- Corporate remittances (separate rules), inherited foreign assets being brought in, and NRE/NRO flows (LRS does not apply to NRIs).
- Can I carry forward unused quota?
- No. Quota resets every April 1. Use it or lose it.
- What happens if I exceed $250,000?
- Your bank blocks the transaction. RBI-specific approval is rare for individuals.
- Is TCS refundable?
- Yes — it's an advance tax. At ITR filing it offsets your income-tax liability; excess is refunded in cash.
- Can I remit through multiple banks?
- Yes, but the $250,000 is aggregate across all banks. Banks report centrally to RBI.
- Does LRS apply to children?
- Yes — each resident individual has their own $250,000, including minors. Parents can use a minor's quota for education remittances in the minor's name.
- What about transfers to my own overseas account?
- Counts as "maintenance" or "investment abroad" depending on usage. Still within LRS.