I use an investment platform to invest in the US equity market, I have transferred some money into the platform and use it to buy and sell equities. I have not yet transferred back money from the platform back to my Indian account. While filing ITR2 I have already filled the capital gains and also filled equity investment details in section A3 of schedule FA. 1) I wanted to know whether I need to fill the details of the balance amount on the platform in some other section of schedule FA , if so how, considering that it is not a personal bank account but a virtual wallet maintained by the broker. 2) Also can I keep the transferred amount and any subsequent capital gains outside India for an arbitrarily long period of time before getting it back 3) If i bring it back after let's say 10 years, will it incur any additional tax, assuming i regularly declare all my foreign assets throughout those 10 years.
There is no place in schedule FA as of now to show the amount kept in wallet outside India.
If you are earning any interest or something out of it you can show it under Part D.
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Hi
No You need to show only earning from that investment
Please have a phone consultation for details discussion.
Dear Sir,
Hope you are doing well !!
There is no need to show the same in FA schedule.
If you are earning interest on the same then you need to show it in FA.
You must show all foreign assets other it will be treated as concealment of FA
1. No need to disclose the virtual wallet. Disclose all the bank accounts in the ITR.
2. Yes no issue.
3. Tax is paid on sale of capital assets and not at the time of receipt of money. Once it is paid at the time of sale of assets then it will not be levied again on receipt of money.
