Foreign equity in ITR 2 Schedule FA A3

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This discussion clarifies how to report foreign equity in ITR 2 Schedule FA A3, specifically addressing the 'peak value of investment' and 'closing balance'. The peak value is the highest investment amount at any point during the financial year, while the closing balance is the investment value as of March 31st. The discussion also confirms that only the initial cost, not the market value, should be used for these calculations. Furthermore, it addresses penalties for late declaration of RSUs, advising that declaring before a notice is served avoids penalties.

dilip

dilip (Querist)

15 July 2023 ITR2 FA schedule A3 we need to disclose foreign equity here my doubt is what do we mean peak value of investment and closing balance.
will be happy if one can illustrate with examples.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

15 July 2023 Peak value of investment; Maximum investment at any point of time during the year.
Closing balance: Investment outstanding as on 31st March.

Suppose you invested 1000USD it's peak value.
If you have sold 300USD, your closing balance is 700USD.

dilip

dilip (Querist)

15 July 2023 I mean if not sold what is peak value, is it value as on 31.12.2022. please if possible give clear illustration of how it must be filled. For eg initial value 1000usd 2017 mkt value (2022) at high 3000usd closing balance will be 1000usd ( valued at initial cost)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

16 July 2023 If not sold the peak value and closing value will be the same.
Market should not be considered. It's only the cost.

dilip

dilip (Querist)

16 July 2023 Thanks sir for guidance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

17 July 2023 You are welcome...
...

dilip

dilip (Querist)

21 July 2023 If we have not declared RSU earlier say from 2017 but from cy we declare will attract penalty. What should we do if notice served