ITR2 FA

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Thelappillil Linson (Querist)
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17 July 2023 1. Do we have to report the assets upto 31 Mar 2023 or 31 Dec 2022 for the US stocks?
2. Please clarify whether the conversion rate used is the SBI TT buying rate as on the previous month.
3. Does the taxpayer need to submit a separate form 67 to obtain the foreign tax credits

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 July 2023 1 Report upto 31st December 2022.
2 yes.
3 yes form 67 needs to be filed separately before filing ITR.

Thelappillil Linson

Thelappillil Linson (Querist)
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25 July 2023 1. for the Schedule FA in ITR2, please advise the INR rate of which date is to be used for Initial value of the investment, Peak value of investment during the period, Closing value, total gross amount paid and Total gross proceeds from sale..
2. how do you calculate the peak value? Is it the peak no of shares of the company during the last fy (31/03/2023) * share price value of the company in dollar on the day you have peak no of shares * the INR rate of that date .
3. In the case of FSI and TR, please advise what is the tax identification number to be provided.
4. In the case of FSI and TR,please advise the INR rate of which date is to be used for the amounts in the columns.
Please clarify.
Thanks in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 July 2023 1 Adopt the exchange rate on the date of investment.
2 It's peak value of investment at cost.
3 It's your foreign tax number.
4 Use previous month end date of earning.

Thelappillil Linson

Thelappillil Linson (Querist)
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25 July 2023 Thank you Sir for your quick response. Couple of doubts persist. Please clarify. Thanks in advance.
1. For the FA, for calculating peak value in INR, should the INR exchange rate of the last day of the previous month be used?
2. For calculating the closing value in FA, if any, should the INR exchange rate of the last day of Feb be used?
3. For the columns total gross amount paid (presumably dividends) and total gross proceeds from sale (presumably capital gains), should the INR exchange rate of the last day of the month be used as advised earlier?
4. For the tax identification number, I don't have a foreign TIN. Hope passport no can be quoted.
Thanks in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 July 2023 1 No use actual investment on the date.
2 No it's actual investment balance.
3 It's on the actual exchange rate prevailing on the date of transaction.
4 As you decide.

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