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Are NRIs required to provide details for unlisted foreign equity shares?

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New User

21 Points Posted on 27 July 2023

I am a NRI since the last 4 years and I'm filing ITR-2. While filing the return, I came across a section about "unlisted equity shares".

I hold unlisted shares of my employer since the last 2 years. My employer is not registered in India and has no offices/employees/business in India (or a PAN). All transactions for these shares (purchases, dividends etc.) are done through my foreign bank account and no remittences are made to India.

Am I required to provide details of these unlisted shares in my ITR?

Replies (3)

Quick Summary

A Non-Resident Indian (NRI) filing their ITR-2 return is seeking clarification on whether they need to declare details of unlisted foreign equity shares. The NRI holds shares in their foreign employer, with all transactions conducted outside India and no remittances made to the country. The question is whether these shares must be reported in the Indian tax return.

rama krishnan

5751 Points Posted on 28 July 2023

Not required

sabyasachi mukherjee

Profession

19978 Points Posted on 28 July 2023

Who told chk itr

Aashok Kumar Sharma

Finance/Compliance Consultant

75640 Points Posted on 08 November 2026

Schedule FA isn't required for non-residents:
• Schedule FA (foreign assets) and Schedule FSI apply only to residents (ROR). An NRI filing ITR-2 doesn't need to disclose foreign assets or foreign income.
• Schedule AL (assets in India, if income exceeds Rs 1 crore) requires NRIs to report only assets located in India.
• The ITR asks for a foreign bank account for refund (optional for NRIs without an Indian account).