FA Schedule -Table A3

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This discussion clarifies queries regarding FA Schedule A3. It confirms that using the previous month's closing exchange rate is acceptable for converting foreign currency amounts paid or credited to INR. The initial value of an investment should include brokerage paid. Furthermore, brokerage paid on the sale or redemption of investments should be deducted from the gross proceeds before reporting.

faisal shukoor

faisal shukoor (Querist)

15 July 2024 Experts, please provide your opinion on the below query:

In table A3 we have 2 columns,
(I) Total gross amount paid/credited with respect to the holding during the period. (Dividend, interest etc.)

(iI) Total gross proceeds from sale during the period.

For converting the foreign currency into INR, is it accepted if I use the previous month closing rate with respect to transaction date.
Say transaction date for above two cases is 13 March 23. For converting to INR I apply the closing month end rate for February.

Query No 2.
In the same table, we have a column Initial value of investment:
Does the initial value of investment include brokerage paid on shares?
Eg: share price 10 X No. Of shares 100
Gross payable 1000
brokerage 50
Total payable 1050

Query No3.
In the same table gross proceeds from sale or redemption of investment.
Should I deduct the brokerage paid from the sales proceeds and report?

I apologize for the above silly queries, but a second opinion gives me comfort that I am not misreporting any information in ITR