I am Indian Resident but I have foreign assets, just to know where in the ITR should foreign properties be reported?
How much penalty will be imposed if fail to disclose foreign property?
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Foreign Asset - Holding and Income Reporting
Replies (1)
It is to be reported in the Foreign Asset schedule of the income tax return.
For rental income - if tax is paid abroad on rental income, the taxpayer can claim a foreign tax credit in India to avoid double taxation.
Penalty of amounting Rs 10 lakh may imposed for non-disclosure of foreign assets under the Black Money Act.
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