If total income exceeds Rs 50 Lakhs,, it is mandatory to disclose the details of moveable and immovable assets in AL Schedule of ITR-2 along with liabilities incurred in relation to such assets. Hence following queries :-
1. Is this schedule refers to only those assets and liabilities which are located /existing/situated in India and is mandatory to disclose , if income exceeds threshold limit of RS 50 Lakhs ,irrespective of residential status of an individual ?
2. Is schedule AL of ITR 2 is mandatory for individual NRI, to disclose his Indian Assets and Liabilities even if his total income is below threshold limit of Rs 50 Lakhs ?
3 Is Total Income limit of Rs 50 Lakhs , is only applicability condition of this schedule AL .irrespective of residential status of an individual .
30 December 2023
1 Resident assessee to disclose global assets including in India. Non resident assessee not required to disclose assets outside India. 2 No. 3 yes.
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