Module: General Practice
Q93: Under the Liberalized Remittance Scheme (LRS), what is the maximum amount a resident individual can remit outside India per financial year for permissible current or capital account transactions?
✅ Correct Answer: C
USD 250,000.
Concept Definition: The LRS Ceiling.
Structural Breakdown: Eligible Person: Resident Individuals (including minors). Corporates/Partnership firms are not eligible for LRS.
The Limit: USD 250,000 per Financial Year (April-March). Usage: Can be used for private visits, gifts, donations, maintenance of relatives, medical treatment, or purchasing shares/property abroad.
Consolidation: Family members can consolidate their limits (e.g., husband + wife = $500k) for capital account transactions like buying property, provided they are co-owners.
Concept Definition: The LRS Ceiling.
Structural Breakdown: Eligible Person: Resident Individuals (including minors). Corporates/Partnership firms are not eligible for LRS.
The Limit: USD 250,000 per Financial Year (April-March). Usage: Can be used for private visits, gifts, donations, maintenance of relatives, medical treatment, or purchasing shares/property abroad.
Consolidation: Family members can consolidate their limits (e.g., husband + wife = $500k) for capital account transactions like buying property, provided they are co-owners.