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?
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?
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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