Fema : use of overseas assets
This query is : Resolved
14 March 2019
Query : I was a FEMA and IT Non Resident from 2012-13 till 31-03-2017. I had earned X USD as Non Resident. I still hold those assets abroad as permitted by Section 6 of FEMA. I now want to make fresh investments overseas. Can I use the USD lying in my overseas A/cs or do I have to compulsorily remit USD under Liberalised Remittance Scheme through my Indian Bank A/cs.
Thanks.
Thanks.
CA R SEETHARAMAN
(Expert)
14 March 2019
You have to file ITR disclosing foreign assets. If disclosed you can invest directly.
14 March 2019
Thanks Sir,
Of course all disclosures are being made meticulously. We are making sure the audit trail is fully documented. Thanks again.
Of course all disclosures are being made meticulously. We are making sure the audit trail is fully documented. Thanks again.
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