Schedule AL of ITR- 2 in case of NRI .

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This discussion clarifies the mandatory disclosure of assets and liabilities in the AL Schedule of ITR-2 for individuals with total income exceeding £50 Lakhs. It confirms that for resident assessees, global assets must be disclosed, while non-residents only need to report assets situated in India. The threshold of £50 Lakhs is the primary condition for this disclosure, regardless of an individual's residential status.

rmalhotra

rmalhotra (Querist)
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29 December 2023 Sir,

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 .

Pls guide urgent.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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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rmalhotra

rmalhotra (Querist)
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30 December 2023 Sir thank you for such a prompt rely, Big thanks.. Have nice time. ahead.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 December 2023 You are welcome.
Thank you.

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