25 July, 2025 at 6:30 am
If NRIs sent you remittances, then it is not taxable if they are from the money that is earned outside India. If remittances are earned in indian, then it is not taxable, and if the recipient receives a huge amount of a gift which is more than INR 50,000, then it also comes under the tax obligations.
For the LRS for education or a financial institution, the TCS rate is nil. For LRS for medical treatment, education, the TCS rate will be nil for below or equal to 10 lakh INR and 5% for more than 10 lakh INR. For many overseas tours, the TCS rate will be 5% for less than 10 lakh INR and 20% for more than 10 lakh INR.
If an NRI person sends money to India, then he is required to pay tax on the gift or money is more than 50,000 INR, and it will be reflected on your form 26AS. The TCS credit will be available to the taxpayer to file an ITR for that year.
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