Education Loan | Foreign Remittance on Education Loan $$

If you are going abroad for education, read this:

If the remittance amount exceeds 7 lakhs, TCS will be charged. The TCS rate will be 0.5 per cent if the amount is remitted from a financial institution or bank. However, the rate will become 10 times or 5 per cent (if the amount remitted is from any other source.

Say for instance, you are sending out 20 lakhs. Then TCS will be charged on 13 Lakhs. Also, 6500 will be the TCS charged is loan is taken from a bank but this amount will become 65,000 if it is self financed or funds taken from relatives.

Also, such rate would be enhanced to 10 per cent in case of absence of availability of PAN or Aadhar.

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