How much money can parents send to kids Abroad?
1 year, 8 months ago

How much money can parents send to kids Abroad?

Live Mint  

India had limited foreign exchange reserves post-independence. Examples of permissible transactions are: higher education in foreign universities, medical treatment abroad, maintenance of close relatives staying outside of India, investments in securities abroad, emigration, going abroad for employment, etc. Remittance is prohibited for purchase of lottery tickets/sweep stakes, remittances for the purchase of foreign currency convertible bonds issued by Indian companies in the overseas secondary market and remittance for trading in foreign exchange abroad. With so many students moving abroad, LRS allows parents to send money abroad and invest in foreign securities. As per the proposed changes, no tax will be deducted if the remittance for education or medical expenses is less than ₹7 lakh, 5% tax will be deducted on the exceeded amount if the amount of remittance for the same exceeds ₹7 lakh and any remittance for education abroad through an education loan will attract a TCS of 0.5% for the amount in excess of ₹7 lakh.

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History of this topic

Saving for your child’s education abroad? Key advice from financial experts
3 weeks, 6 days ago

Saving for your child’s education abroad? Key advice from financial experts

Live Mint  

Securing your child’s education abroad requires more than just setting aside savings—it demands a strategic and well-structured financial plan. Education inflation is higher than regular inflation, and with the expected depreciation of the INR, parents need to factor in at least a 10-15% annual cost increase when planning for their child’s education abroad. Financial advice from experts: Rohit Beri, CEO …

78% Wealthy Indian Parents Send Kids Abroad Without Adequate Financial Planning: Report
3 months, 1 week ago

78% Wealthy Indian Parents Send Kids Abroad Without Adequate Financial Planning: Report

ABP News  

Approximately 78 per cent of wealthy Indian parents either plan to send their children abroad for higher education or currently have a child studying at foreign universities, according to the HSBC "Quality of Life Report 2024.” However, these parents often fall short in terms of financial preparedness for this goal. The study also underscores that the challenges of securing adequate …

Money Transfer: Know How To Send Money To Your Children Living Abroad
1 year, 6 months ago

Money Transfer: Know How To Send Money To Your Children Living Abroad

News 18  

As parents you may need to send money to your children studying or residing abroad quite regularly. The Liberalised Remittance Scheme of the Reserve Bank of India makes it simple and hassle free for Indian parents to send money to their children in foreign countries. Here’s a detailed guide to send money to your children living abroad without any hassle. …

Achieving the dream of an overseas education
2 years, 8 months ago

Achieving the dream of an overseas education

Live Mint  

You can fund your overseas education or that of your child’s using investments or education loans. If you are a parent or a student looking to take an education loan, here are a few factors to consider: Loan amount: Education loans usually cover the course fees and other expenses associated with getting an education overseas such as living expenses, examination …

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