RBI’s Liberalised Remittance Scheme (LRS) is a measure that facilitates the transfer of money out of India. All Indian resident individuals, including minors, can freely remit up to USD 250,000 per financial year (April to March) for any permissible current or capital account transaction or a combination of both, including the purchase of a property.
Each family member can remit USD 250,000 per person per financial year abroad — which can be done at any time during the year.
Therefore, one can club the LRS limits of four people and buy a property jointly in four names — bringing the total remittance value to USD 1 Million per financial year.
As per the current exchange rate, this would be GBP 200,000 (approx.).
|Remitter / Buyer||Remittance in Financial Year 1||Remittance in Financial Year 2|
|Family Member 1||USD 250,000||USD 250,000|
|Family Member 2||USD 250,000||USD 250,000|
|Family Member 3||USD 250,000||USD 250,000|
|Family Member 4||USD 250,000||USD 250,000|
|Total||USD 1,000,000||USD 1,000,000|
If one would like to benefit from two financial years, remit higher amounts, and complete transactions within two months, the LRS Remittance Limit of two financial years can be clubbed.
The process can be easily completed in just two months without waiting for one more full year, i.e.
FY 1: In the month of March 2023, you can remit USD 250,000
FY 2: In the month of April 2023, you can remit another USD 250,000
Buying a property in the UK is relatively straightforward
The buying process starts with guidance on what to purchase, assistance with documentation and lawyers, managing the handover from the developer, and furnishing and preparing the property for rental, if necessary.
We then provide assistance with lettings and property management, including advice on tax matters or the sale of the property if you wish to sell a few years later.
We also have local offices in Mumbai and Delhi, where our experts with extensive expertise and market knowledge can assist you in purchasing the property of your choice.