Study Abroad Money Transfer: No 20% TCS on Foreign Remittances Upto INR 7 lakh for Educational Needs

No TCS will be levied on foreign remittances below INR 7 lakh for study-abroad needs.

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This new relaxation is available on study abroad loans and expenditure of international students transferred from India.

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For education loans above INR 7 lakh in a financial year, the Indian government will deduct a TCS of only 7.5%.

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For self-finance education, foreign remittances will attract TCS at 7% for amounts above INR 7 lakh in a year.

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If the kin of a study abroad student is sending money less than INR 7 lakh a year, the money will not attract any TCS.

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Click here to learn more about new TCS rules on foreign remittances for study abroad.

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