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of <h1>Sole proprietorships under LRS: Owner's individual remittance limit applies to business transfers due to legal indistinguishability.</h1> In a sole proprietorship, the owner and the business are legally indistinguishable. Under the Liberalised Remittance Scheme (LRS), the proprietor can remit up to the permissible limit in their individual capacity. If the sole proprietorship wishes to remit funds from its current account, the owner's individual remittance eligibility must be considered. Therefore, if the owner has already remitted USD 250,000 in a financial year as an individual, they cannot remit an additional USD 250,000 as the business owner, due to the lack of legal separation between the individual and the business.
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