• Reporting foreign assets on Schedule FA

I am an OCI, and had RNOR status till last year, but need to file as a resident this year. In ITR2, which section in Schedule FA I should list my:

1. US bank accounts
2. US equity - does each individual stock need to be listed separately?
3. US mutual funds - does each individual mutual fund need to be listed separately?
Asked 1 month ago in Income Tax from Bangalore, Karnataka

It is better to hire a CA bcz schedule FA contains multiple tables. You are required to disclose the transactions in the correct table otherwise it may attract scrutiny.  

Vivek Kumar Arora
CA, Delhi
2942 Answers
144 Consultations

5.0 on 5.0

1.A1

2. A3. Yes

3. A3. Yes. Mutual funds are derivatives of equity.

 

If the total income is more than Rs.50 lacs then you need to report in schedule AL also.

Vivek Kumar Arora
CA, Delhi
2942 Answers
144 Consultations

5.0 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

1. Yes it is in section A1.

 

2. Yes, It is in section A3.

 

3.Yes, each mutual fund need to be listed separately.

Payal Chhajed
CA, Mumbai
2853 Answers
39 Consultations

5.0 on 5.0

1. Yes

2. Yes separately

3. Yes. Mutual fund and share both would be shown in A3. section B relates to details of company or firm in which you have interest.

 

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Naman Maloo
CA, Jaipur
1981 Answers
17 Consultations

5.0 on 5.0

Hello,

 

1. Yes, Foreign bank accounts will be mentioned in A1.

2. Foreign Shares would be mentioned separately in A3.

3. Mutual funds would also be declared under Sec. A3.

 

Regards,

CA Hunny Badlani

Badlani & Associates

Hunny Badlani
CA, Neemuch
794 Answers
1 Consultation

5.0 on 5.0

1. A5(a)(i)

2. Yes you are correct

Naman Maloo
CA, Jaipur
1981 Answers
17 Consultations

5.0 on 5.0

Dear Sir,

 

1. It should be reported under the head-

Section A5(a)(i) 

2. Your understanding is correct.

Payal Chhajed
CA, Mumbai
2853 Answers
39 Consultations

5.0 on 5.0

1. A5(a)(i)

2. 1(a) of Schedule OS.

Hunny Badlani
CA, Neemuch
794 Answers
1 Consultation

5.0 on 5.0

Hello Sir,

 

1. Yes.US bank accounts (checking and savings) to be declared under section A1.

 

2. Yes, It needs to be shown separately under sec A3.

 

3. It needs to be declared under sec A3.

Karishma Chhajer
CA, Jodhpur
1286 Answers
7 Consultations

5.0 on 5.0

Hello Sir,

 

1.The STCG from sales of some of these US stocks and mutual funds be reported - Section A5(a)(i).

 

2.The dividend income from some of these US stocks and mutual funds should be reported - Section 1(a) i.e. your understanding is absolutely correct.

Karishma Chhajer
CA, Jodhpur
1286 Answers
7 Consultations

5.0 on 5.0

Dear Sir,

 

Each US Equity and mutual funds needs to be reported separately while filing ITR. 

 

Payal Chhajed
CA, Mumbai
2853 Answers
39 Consultations

5.0 on 5.0

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