Can I remit more than $250,000 abroad?

livemint.com:

I need to send some money abroad (in excess of $250,000) as a monetary help to my son. How do I go about with it?

—Name withheld on request

Under the Liberalized Remittance Scheme (LRS), a resident individual is allowed to remit up to $250,000 per financial year for any permitted current or capital account transaction or a combination of both. Any remittance of foreign exchange beyond $250,000 requires prior permission from the Reserve Bank of India (RBI), except for certain current account transactions viz. (a) remittance prescribed by the country of emigration (other than for residence/citizenship by investment schemes), remittance for medical treatment abroad (based on estimate from an Indian doctor / foreign hospital / foreign doctor) and remittance for studies abroad (based on estimate from foreign university).

Thus, if your remittance case falls under any of the above situations, you will not require any prior permission from RBI. If your case falls outside these situations, then you are required to seek permission from RBI to remit in excess of $250,000. There is no prescribed form / template for making RBI application to seek its prior permission; instead it needs to be made on a plain paper bringing out the exigency in your case.

I’m a senior citizen and resident Indian. I want to gift a residential property located in Mumbai to my grandson. He is an US citizen holding an OCI (overseas citizenship of India) card. Am I permitted to give this gift? Does LRS limit of $250,000 apply in this case? Will he be taxed in India on this gift?

—Name withheld on request

An OCI cardholder is permitted to receive gift of an immovable property located in India only from a ‘relative’ who is either a resident or non-resident