Sending money abroad? Here’s how to reclaim your TCS

It is assumed that you qualify as a resident in India, as per the provisions of the Indian foreign exchange regulations, and are remitting funds to your son under the LRS. Such remittance is subjected to tax TCS by the authorized dealers (i.e., the authorised dealer, or AD, bank), as per the applicable provisions of the Income Tax Act.

The TCS amount so collected by the AD bank, is required to be deposited by them to your credit, with the tax authorities along with the necessary reporting compliances.