Going abroad for studies? Spends over Rs 7 lakh could attract TCS, but education loans eligible for concessions
Education loans taken to fund overseas studies are subject to a lower TCS of 0.5 percent, and only if the amount exceeds Rs 7 lakh. However, in the case the money is sent abroad through other sources, TCS of 5 percent will be applicable if the remitted amount exceeds Rs 7 lakh. Also, if parents send money to their children studying abroad for purposes other than education, the amount will attract TCS at a higher rate.
Source: moneycontrol.com
