LRS Scheme Thailand Property 2026: $250K Indian

Summary, what every Indian Phuket buyer needs to know about LRS in 60 seconds:

India LRS: Use the nationality master guide for RBI remittance context, then model Phuket unit costs with the LRS tables below.

The RBI’s Liberalized Remittance Scheme (LRS) allows every Indian resident individual to remit up to $250,000 USD per financial year (April 1 to March 31) for permitted overseas transactions, including investment in immovable property abroad.
Two spouses each have their own $250K allowance and may each remit for a unit they will co-own under one Sale-Purchase Agreement; the RBI’s condition is co-ownership, and one person’s allowance cannot fund another’s unit.
Multi-year staging works for $500K-$2M purchases: off-plan payment schedules with 24-36 month milestones align cleanly with LRS annual resets, allowing $1M+ purchases without breaching annual limits.
TCS at 20% applies on LRS remittances for this purpose above an annual threshold, which the Finance Act 2025 raised from ₹7 lakh to ₹10 lakh from 1 April 2025. It is collected by the bank at the counter and credited against your income tax in the same ITR.
FEMA Section 13 penalty for breach is up to 3x the amount remitted plus prosecution for willful default. Structuring through family proxies is the single most common (and most expensive) violation pattern.

This guide is the operational playbook for using LRS to buy Phuket property in 2026, written for Indian residents (not NRIs, who operate under separate FEMA rules). It covers what LRS is and what it isn’t, the limit and the 2025 TCS change, the process at an authorised dealer bank, the document checklist (Form A2, source of funds, and Forms 15CA and 15CB where the bank asks for them), three illustrative structures including a staged villa purchase, multi-year scheduling, the common LRS mistakes, repatriation when you sell, and a FAQ on company accounts, gifts and financial-year timing. Each Indian-law statement here sits in the site’s claims register as unverified, with a review date, because Indian tax law is not something anyone on this project practises.

What LRS is, and why every Indian Phuket buyer needs to know it

The legal source of authority is Section 5 of the Foreign Exchange Management Act 1999 (FEMA) read with the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000. LRS is the practical mechanism through which most retail and HNI cross-border outflows happen in India today.

What LRS covers (permitted transactions):

Permitted under LRS	Notes for property buyers
Investment in overseas immovable property	The category Phuket buyers use, Form A2 purpose code S0005
Investment in shares, debt, mutual funds abroad	Separate from property quota, same $250K combined cap
Maintenance of close relatives abroad	Different code (S1301) but same annual cap
Foreign education, medical treatment	Separate sub-limits in some cases
Foreign travel and tourism	Counts against the $250K for the FY
Gifts and donations to foreign individuals	Counts against the $250K
Setting up wholly-owned subsidiary or joint venture abroad	Allowed under ODI route, separate from LRS

What LRS does NOT cover (prohibited):

Margin trading or leveraged trading on foreign exchanges
Purchase of lottery tickets, sweepstakes, prohibited magazines
Remittance to FATF non-cooperative countries and territories
Remittance to entities involved in money laundering, terrorism financing
Trading in foreign exchange abroad (Forex retail)
Capital account transactions through an Indian resident with a non-resident’s account (proxy structures)

For Phuket property purchases, the relevant permitted purpose code is S0005, “Investment in overseas immovable property” under the RBI’s Purpose Codes for LRS Reporting. This is the field your bank’s Form A2 needs to show.

LRS limit in 2026: confirmed $250K + recent RBI updates

March 2025 RBI Master Direction on LRS, reaffirmed the $250K limit, clarified that the limit is per individual (not per family/HUF), and specified that minor children’s LRS counts against the parent/guardian as natural agent. Joint accounts cannot pool LRS, each holder must use their own.
Tax Collected at Source (TCS) at 20% under Section 206C(1G) of the Income Tax Act 1961 applies to LRS remittances for overseas property above an annual threshold. The threshold was ₹7 lakh from 1 October 2023 and the Finance Act 2025 raised it to ₹10 lakh with effect from 1 April 2025; the earlier version of this page said the 2024 Finance Act had left the rules unchanged, which was true then and is not now. Education and medical remittances sit in lower slabs.
TCS is fully creditable, it appears in your Form 26AS / AIS and is adjustable against your income tax liability in the same ITR. For most HNI buyers with ₹50 L+ taxable income, TCS is recovered in full as part of normal year-end tax computation. It is not a cost, it is a working-capital timing adjustment.
AIS / Form 26AS reporting, every LRS transfer is reported by the bank to the Income Tax Department’s Annual Information Statement system. You cannot quietly remit money without it appearing in your tax records. Always declare consistently across LRS, ITR, and Schedule FA.
Schedule FA (Foreign Assets) disclosure, once the property is purchased, it must be disclosed annually on Schedule FA of your ITR-2/ITR-3 by every Indian tax resident. Non-disclosure penalty under the Black Money Act 2015: ₹10 lakh per asset per year, plus potential prosecution.

TCS in practice: on a full $250K remittance the bank collects 20% of everything above the ₹10 lakh threshold at the counter, which on a rupee amount in the low crores is a sum in the tens of lakhs parked with the Income Tax Department until your return is filed. No rupee conversion is given here because nobody on this project monitors the rate; the earlier version quoted one and the Indian buyer page quoted another. Net cost to a buyer with enough tax liability to absorb the credit: zero. Working-capital impact: real, and to be planned for in the funding timeline.

Step-by-step LRS process: from your Indian bank to your Thai account

The 11-step process:

Open a Thai account in your own name at a Thai commercial bank. Requires an in-person visit, passport, a valid entry stamp, and a Thai address; ask the branch what wording it needs in the purpose field of an inbound transfer for a property purchase, because that wording is what the FET record is built from.
Sign the Sale-Purchase Agreement (SPA) with the Thai developer or seller. This document: listing buyer name (matching your passport exactly), unit details, total price, payment schedule, and the developer’s Thai bank account, is the anchor document for every subsequent step in India and Thailand.
Engage a CA familiar with FEMA/LRS for overseas property. Ask the CA and the bank, before anything is filed, whether Forms 15CA and 15CB are required for an S0005 remittance: this page used to call them mandatory; Rule 37BB carries a specified list of purposes exempt from both forms, banks read it differently, and the point is left open here rather than asserted.
Compile source-of-funds documentation: last 3 ITRs, last 6 months of salary slips OR business audited accounts, bank statements showing fund accumulation, sale deed if proceeds came from selling Indian property, ESOP/RSU statements if applicable.
If the bank requires them, file Form 15CA online and obtain Form 15CB from the CA; if it does not, keep the bank’s written confirmation that they were not required.
Submit Form A2 at your authorised dealer bank, in person or through its online remittance portal, with passport, PAN, Aadhaar, the source-of-funds pack, the SPA and any 15CA/15CB.
The bank runs its compliance check: KYC, FEMA confirmation, screening of the receiving bank and the developer. No processing time is promised here; the earlier version’s bank-by-bank timings had no source.
The bank executes the wire in US dollars to your own Thai account. Send dollars rather than baht: the Thai bank’s conversion is what produces the FET record, and baht bought in India leaves it nothing to record.
The Thai bank converts the dollars to baht, credits your account and issues the FET form for a transfer of $50,000 or more, or a credit advice below that. The FET record is what the Land Office requires for freehold registration and what lets the proceeds leave years later; see the FET certificate guide.
Funds are released to the developer from your Thai account on the agreed milestone date against the milestone deliverable. Each transfer of $50,000 or more generates its own FET form.

Three illustrative structures. The earlier version presented them as real client files with incomes, bank tiers and day-by-day timings; none of that had a source, and what remains is the structure, which is the useful part.

Case A: one buyer, one allowance, one financial year

A single resident buyer with the full allowance available funds a one-bedroom in Bang Tao in one or two wires inside the same financial year. The sequence is SPA, CA, source-of-funds pack, Form A2 with S0005, any 15CA/15CB the bank asks for, the wire in dollars to the buyer’s own Thai account, the FET form. The costs are the bank’s fee, the exchange spread, the CA’s fee and the TCS parked until the return; compare two banks’ all-in cost on the day rather than relying on a table.

Case B: Couple’s joint LRS, $500K, single FY, ₹4.79 Cr off-plan

Two spouses, both resident, buy a unit they will co-own, with both names on the SPA and on the Chanote. Each files their own Form A2, each wires from their own account in their own name, and each transfer produces an FET record in that spouse’s name; the Land Office registers the co-ownership against both. The mistake this structure invites is a single combined wire, which a bank compliance team reads as one beneficial owner: keep the two legs separate from the first payment. A second instalment that falls in a later financial year is funded from both spouses’ fresh allowances in the same shape.

Case C: $1.5M phased over 4 years (off-plan villa)

A couple buying a $1.5M off-plan villa on a five-instalment schedule over 36 months. Two allowances of $250K each give $500K a financial year, so the schedule is mapped against the April reset before the SPA is signed and the instalments are negotiated to fall inside it:

Financial year	Husband	Wife	Combined	Milestone
Year 1	$200K	$200K	$400K	Booking and first construction stage
Year 2	$200K	$200K	$400K	Second and third stages
Year 3	$200K	$200K	$400K	Fourth stage and part of completion
Year 4	$150K	$150K	$300K	Completion balance
Total	$750K	$750K	$1.5M	Full price

Each wire produces its own FET record, and the lawyer bundles them at handover for registration. Because the land under a villa cannot be foreign-owned, the villa itself is held on a lease the Land Office registers for 30 years per term, and any renewal is a contractual promise. Why the structure works: an off-plan schedule and the RBI’s annual reset interlock, provided the buyers have the tax liability to absorb the TCS parked each year and the rupee budget to absorb a rate that moves over three years.

Choosing an authorised dealer bank

A table used to sit here ranking five Indian banks by LRS fee, exchange spread, processing time and private-banking tier. None of its figures had a source, spreads move daily, and nobody on this project monitors them, so it is withdrawn. What is true of every authorised dealer bank: all process S0005 remittances up to the full allowance, all collect the TCS at the counter, and all differ on the day in the spread they quote. Take two all-in quotes, fee plus spread, on the day you intend to wire, and ask each bank in writing which forms it requires for this purpose code.

Documents required: the operational checklist

Form A2: Application for remittance abroad. Purpose code: S0005 (Investment in overseas immovable property). Available at the bank counter or pre-fill online via NetBanking.
PAN card copy (front and back).
Aadhaar card copy (or alternative valid government ID for KYC).
Address proof: utility bill, passport, or rental agreement, dated within 3 months.
Form 15CA acknowledgement: generated after online filing at incometax.gov.in. Self-declaration, free.
Form 15CB, the chartered accountant’s certificate, and the Form 15CA acknowledgement, where your bank requires them for an S0005 remittance; some do not, under Rule 37BB’s specified list. Settle this with the bank first.
Source of funds documentation:
- Last 3 financial years’ ITR-V acknowledgements
- Last 6 months salary slips (if salaried) OR last 2 years audited accounts (if business owner)
- Bank statements showing fund accumulation over the last 12 months
- Sale deed if proceeds came from selling Indian property
- ESOP/RSU vesting statements if applicable
Sale-Purchase Agreement (SPA) from the Thai developer: original and a notarised English translation if the original is in Thai. Must show buyer name exactly matching passport.
Beneficiary bank details for your own Thai account: SWIFT code, account name identical to your passport, account number.
Passport copy (first page + valid Thai visa stamp page if you’ve already visited).
Self-declaration of LRS usage in the current FY: bank-format declaration confirming this transfer plus any prior LRS in the current FY does not exceed $250K. Bank may pull data from the LRS daily reporting database (RBI’s LRS Daily Reporting System, banks must report every transaction by next working day) to verify.

For larger transfers ($200K+) some banks additionally request: Form 1 (Bank of Thailand FX Form), the Thai-side declaration form. Most banks accept the FET certificate as substitute documentation post-arrival.

FEMA compliance: what NOT to do

Splitting transfers across family or friends to dodge the $250K cap. Sending $200K via your unmarried sister, $200K via your father, and $200K via your business partner to fund a single $600K purchase is structuring under FEMA + AML rules, regardless of the genuine source of funds. RBI’s LRS Daily Reporting System cross-references PAN + property purpose code + same beneficiary bank, pattern detection is automated. The penalty under FEMA Section 13 runs to three times the sum involved, plus prosecution provisions under FEMA and the Black Money Act 2015.
Using a friend’s or business associate’s USD account abroad. Wiring INR to a friend in the US/UK/Singapore via LRS as “gift to relative” (purpose code S1301, $250K limit also) and then having them onward-wire USD to your Thai account is treated as a sham transaction under FEMA Section 6 read with the FEMA Notification on Acquisition and Transfer of Immovable Property Outside India 2015. The original Form A2 stated a different purpose. Both you and the proxy face penalties.
Undisclosed property in India ITR. Once purchased, the Phuket property must be declared annually in Schedule FA (Foreign Assets) of your ITR-2/3, listing the property address, purchase value, current FMV, and any rental income. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 imposes a penalty of ₹10 lakh per asset per year of non-disclosure, plus potential prosecution. The information arrives at the IT Department through CRS data sharing from Thailand regardless of your filing, non-disclosure is detected, not avoided.
Splitting one wire into pieces below $50,000 to avoid documentation. It avoids nothing: below $50,000 the Thai bank issues a credit advice instead of the full FET form, the paperwork is thinner rather than absent, and a chain of small transfers with no stated purpose is harder to attach to the registration, not easier. Send the purchase money in the fewest transfers the schedule allows, each with the unit named in the purpose field.

Bottom line: LRS is generous. $250K per individual per year, both spouses for a unit they co-own, and a schedule that can run across financial years. There is no rational reason to game it for a Phuket purchase. Use the structure as it is designed and the entire process is uneventful.

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Multi-year structuring for $500K-$2M purchases

Standard Phuket off-plan payment schedules and LRS alignment:

Schedule type	Payment milestones	Typical timeline	Best for buyer scale
20-20-20-20-20	Booking 20%, then 4 x 20% at construction stages	36 months	$500K-$2M, single buyer over 4 FYs OR couple over 2 FYs
30-30-40	Booking 30%, midway 30%, completion 40%	24-30 months	$300K-$700K, couple in single FY
50-50	Booking 50%, completion 50%	18-24 months	$200K-$500K, single FY straddle
10-20-70	Booking 10%, structure 20%, completion 70%	30-36 months	$700K-$2M, completion-heavy structure

Worked example, $1.5M villa, 36 months, couple, 4 FYs:

The 20-20-20-20-20 schedule for a $1.5M villa produces 5 milestone payments of $300K each. A couple with combined $500K/yr LRS capacity can fund:

FY 2025-26: $400K (Booking $300K + first construction $100K of $300K). Couple uses $200K each. Bank fees ~₹1.4 L; TCS ~₹65 L (recoverable).
FY 2026-27: $400K (remaining $200K of milestone 2 + Construction milestone 3 $200K of $300K). Same structure.
FY 2027-28: $400K (Construction milestone 4 + part of completion).
FY 2028-29: $300K (final completion balance).

Total over four financial years: $1.5M. All transfers within the allowance, fully documented, fully repatriable. No FEMA breach.

The single biggest mistake in multi-year structuring: forgetting that the contract is in baht and the invoices in baht or dollars, not rupees. Every later instalment is exchanged at the rate of its day, so a rupee that weakens over a three-year build raises the rupee cost of the last milestones by the same proportion. Model the schedule at the weakest rupee of the last few years, not today’s, and ask your bank whether it will book a forward for a property instalment.

Repatriation: when you sell the Phuket property

The sale-side process:

Sell the unit in Thailand. The price is in baht and the buyer’s funds land in your Thai account.
The Land Department collects the seller’s withholding tax, the transfer fee and either specific business tax (held under five years) or stamp duty at the counter; there is no separate Thai capital gains return for an individual. See the transfer fees page for the stack.
Proceeds are repatriated through the Thai bank against the FET records from the purchase, which evidence how much foreign currency came in; the bank converts baht to dollars and wires to your Indian account.
Indian capital gains tax assessed for Indian tax residents. DTAA India-Thailand 1985 gives credit for Thai tax paid (file Form 67 with your ITR). NRIs typically only pay the Thai capital gains tax. See our NRI tax on Thailand property, DTAA India 2026 guide for the full DTAA application.
The proceeds land in rupees after the dollar leg; the timing depends on both banks and is not promised here.

The single document that makes this chain work: the FET records from the original purchase. Without them the Thai bank has no evidence of what came in, and the outbound transfer becomes a documentation exercise whose length nobody can promise; the earlier version’s weeks-per-tranche figure had no source.

Buyer scenarios: three LRS structures by ticket size

Scenario A: ₹2 Cr single-person LRS, single FY

Profile: a resident buyer with the full allowance available this financial year.

Ticket: up to $250K (a one-bedroom or compact two-bedroom on the Bang Tao side)
Structure: one Form A2 at your bank, the wire in one or two tranches inside the same financial year
TCS impact: 20% above the ₹10 lakh threshold, cash at the counter on the day, recoverable in the same ITR
FET output: One or two FET certificates in single buyer name
Timeline: SPA, bank filing, wire, FET record, Land Office; no working-day count is promised here
Risk profile: Lowest. Single buyer, single LRS, single FY = clean documentation chain end-to-end

Scenario B: ₹4 Cr couple-pooled LRS, single FY

Profile: a married couple, both resident, both with PAN and ITR history, buying a unit they will co-own.

Ticket: up to $500K in one financial year
Structure: two Form A2 filings, one per spouse, two wires from two accounts, both names on the SPA and the Chanote
TCS impact: collected on each spouse’s remittance above the threshold, cash at the counter for both
FET output: Two FETs (one per spouse), both required for joint Land Office registration
Timeline: spouses can wire on the same day
Risk profile: Moderate. Bank compliance teams sometimes interpret a single-SPA-two-LRS wire as one beneficial owner. Mitigation: each spouse wires from own account in own name; each FET issued separately to each spouse’s PAN.

Scenario C: ₹6 Cr multi-year structuring, 2 FYs

Profile: a high-net-worth couple with a $720K ticket on a 36-month off-plan villa.

Ticket: $720K (a pool villa, held on a registered lease)
Structure: both allowances over two financial years: $250K each in the first year, $110K each in the second, with the developer’s schedule negotiated to fit
TCS impact: Spread across two filing years, fully recoverable within each respective ITR cycle
FET output: 4 FET certificates total (2 per FY), all in identical PAN-spouse naming
Timeline: Mirrors developer milestone schedule (typically 20-20-20-20-20 staged payments)
Risk profile: Highest documentation surface area. Mitigation: identical-name SPA across all FYs, single property file linking all 4 FETs, CA tracks LRS YTD per spouse continuously

For projects matching Scenarios A and B, see our Phuket property for Indians guide. For Indian-vs-international yield comparison underpinning Scenario C, see Phuket vs Goa vs Dubai for Indian HNI buyers.

Checklist: before initiating your LRS transfer

Authorised dealer bank appointment booked; for a first property remittance an in-person submission usually goes more smoothly than an online-only filing.
Form A2 fields verified line-by-line: purpose code S0005 (Investment in overseas immovable property), your Thai bank’s SWIFT code, beneficiary account name identical to passport spelling.
The bank’s position on Forms 15CA and 15CB obtained in writing for this purpose code; where they are required, the CA number on 15CA must match 15CB, and the 15CB should be recent.
Source-of-funds chain documented: last 3 ITR-V acknowledgements + last 6 months salary slips + bank statement showing fund accumulation. Underdeclared sources are the #1 compliance hold trigger.
TCS at 20% above the ₹10 lakh threshold calculated and budgeted as cash at the counter on wire day, not as a future credit.
LRS year-to-date statement pulled showing residual capacity. Travel, education, and online USD shopping all count against the same $250K cap.
Your own Thai account already opened, in your own name, with passport and address proof. A wire straight to a developer’s account produces no record in your name.
SPA signed and notarised: buyer name on SPA must match Form A2 beneficiary letter-for-letter, including middle name and surname order.
Schedule FA disclosure pre-drafted for next ITR cycle, with property address, Chanote-pending, projected acquisition value in INR. Filing-year disclosure prevents Black Money Act exposure.

The four red flags that should pause any wire: (1) bank counter requests purpose-code change (e.g. to S1301 “gift”) to “make it faster”, this is misdeclaration under FEMA Section 6; (2) developer requests offshore non-Thai beneficiary account; (3) CA refuses to sign 15CB citing source-of-funds gap; (4) the current year’s LRS statement shows incidental foreign-currency spending that pushes the total above $250K when added to the wire.

Related guides:

Frequently Asked Questions

Can I use my company's USD account to buy Phuket property?

No, not under LRS. LRS is a personal scheme for resident individuals only, Indian companies cannot use LRS. If you want to buy Thai property in a corporate name, you must use the Overseas Direct Investment (ODI) route under FEMA Notification 120, which requires RBI approval (or automatic-route for certain sectors), audited overseas entity establishment, and is not generally suitable for residential property purchase. Companies buying overseas immovable property face restrictions under Indian companies law and FEMA, most Indian buyers structure Phuket purchases personally under LRS, not corporately. Talk to a FEMA specialist before considering any corporate structure.

What happens if I exceed $250K LRS accidentally?

FEMA Section 13 imposes a penalty of up to 3x the contravening amount, but in practice unintended marginal breaches (e.g., $252K because of FX timing) are routinely regularised by filing a compounding application with the RBI and paying a nominal compounding fee, usually under ₹50,000 for genuine errors. Willful structuring or breach over multiple FYs is treated more harshly. Most genuine errors arise from forgetting that incidental LRS transactions during the year (foreign travel via debit card, online shopping in foreign currency, education remittance for kids) all count against the same $250K. Always pull your bank's LRS year-to-date statement before initiating a property wire near the cap.

Does buying Thai property via a Thai company use LRS?

If you set up a Thai limited company to purchase land (the structure sometimes used for villa-on-land deals where leasehold is undesirable), the foreign-shareholder portion of the share capital subscribed in foreign currency from India must come via LRS, with proper Form A2 documentation. The structure is also subject to FEMA's overseas direct investment rules, which add an ODI declaration on top of the LRS requirement. Note: pure Thai-company structures for land ownership by foreigners have come under increased Thai regulatory scrutiny since 2018, the safer Thai-law route for villa land is the 30+30+30 leasehold. Do not use Thai company structures without both an Indian FEMA specialist and a Thai land lawyer.

Can NRIs use LRS too?

No, LRS is for resident individuals only, defined under Section 2(v) of FEMA 1999. NRIs operate under the Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulations 2015, which allow NRIs to acquire foreign immovable property using funds sourced from outside India (NRE/FCNR balances, foreign salary, foreign business income) without using any LRS quota. Practically, NRIs in Dubai, Singapore, London or the US remit directly from their foreign accounts to their own Thai account, with no LRS and no Form A2 from India. They still need to file Schedule FA disclosure if they retain Indian tax residency under the deemed-resident provisions of Section 6.

Is cryptocurrency purchase allowed under LRS?

Authorised dealer banks do not remit under LRS for the purchase of virtual digital assets, and a remittance declared for one purpose and used for another is misdeclaration under FEMA. For Phuket property buyers the point is simpler still: the Land Office registers a freehold against a Thai bank's record of foreign currency arriving in your name, and no crypto leg produces that record. Use the bank-to-bank route in currency.

What about a gift from parents to fund the Phuket purchase?

Allowed and common. A parent can gift you up to any amount under Indian gift tax rules (gifts from defined relatives are tax-free under Section 56(2) of the Income Tax Act). The gifted funds, once in your account, are your money for LRS purposes, you use your own $250K LRS. The parent does not separately use LRS for this. However, the source-of-funds documentation at your bank should include the gift deed (notarised, dated, recital-clear) plus the parent's bank statement showing the transfer to you, and your last ITR showing the gift correctly disclosed in 'Exempt Income, Schedule EI' if relevant. Do not skip the gift deed, without it, the bank treats the funds as undocumented for the source-of-funds chain.

When does the LRS financial year reset, and can I time my purchase around it?

The Indian financial year runs 1 April to 31 March, and LRS limits reset at the start of each FY. This is one of the most useful structuring tools for Indian buyers: a $500K purchase with a single individual's LRS can be funded $250K in late March (using current FY allowance) and $250K in early April (using new FY allowance), effectively doubling annual capacity over a 2-week window. Two FETs are issued, both sit cleanly in the same property file, the Land Office accepts both. This works for co-owning spouses too, with each spouse's two financial years' allowances funding their own share over the same March-April fortnight. Always coordinate the SPA payment schedule with the developer to allow this March-April straddle for large purchases.