SFT Transactions -need clarification
This query is : Resolved
28 October 2021
In his 26AS foll. Transaction found - SFT-011 Purchase of Foreign Currency He is taken an education loan for his son for study abroad??
His total taxable income is below Rs.500000/- and no any tax is payable. How to shown the above transaction in ITR 4 form??
Request to all, let me clarify on a priority basis.
Thanks in advance Regards,
Read more at: https://www.caclubindia.com/experts/how-to-shown-in-itr-4-for-sft-011-pur-of-forgn-curr-in-26as-2812034.asp
In his 26AS foll. Transaction found - SFT-011 Purchase of Foreign Currency He is taken an education loan for his son for study abroad??
His total taxable income is below Rs.500000/- and no any tax is payable. How to shown the above transaction in ITR 4 form??
Request to all, let me clarify on a priority basis.
Thanks in advance Regards,
Read more at: https://www.caclubindia.com/experts/how-to-shown-in-itr-4-for-sft-011-pur-of-forgn-curr-in-26as-2812034.asp
Dhirajlal Rambhia
(Expert)
28 October 2021
As such the transaction gets reflected in personal expenditure or capital account, and nowhere in income to be assessed.
So, check the source of capital for the purchase of foreign funds. If required keep your capital account ready for any query.
Otherwise, file your return as usually, declaring your total income. This transaction will not get reflected in ITR, unless you need to file your BS.
So, check the source of capital for the purchase of foreign funds. If required keep your capital account ready for any query.
Otherwise, file your return as usually, declaring your total income. This transaction will not get reflected in ITR, unless you need to file your BS.
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