sir;
Does foreign assets include NRE & FCNR deposits maintained in India ? These details are required to be disclosed in schedule FA ( foreign assets) in case of resident assessee?
please reply. Thanks in advance.
Menu
Foreign assets include NRE & FCNR deposits maintained in India ?
Replies (1)
Schedule FA in the Indian income tax return requires resident assessees to disclose their foreign assets.
The question is whether Non-Resident External (NRE) and Foreign Currency Non-Resident (FCNR) deposits maintained in India are considered foreign assets. _
Answer:_ NRE and FCNR deposits maintained in India are not considered foreign assets for the purpose of disclosure in Schedule FA. _
Reasoning:_
1. _NRE Deposits:_ NRE deposits are maintained in Indian rupees and are exempt from Indian income tax.
Although these deposits are held by non-resident Indians, they are not considered foreign assets.
2. _FCNR Deposits:_ FCNR deposits are maintained in foreign currency and are also exempt from Indian income tax.
Similar to NRE deposits, FCNR deposits are not considered foreign assets. _
Disclosure Requirement:_ Only foreign assets held outside India need to be disclosed in Schedule FA.
This includes: - Bank accounts outside India - Deposits with foreign banks - Investments in foreign companies - Immovable properties outside India - Any other foreign assets In conclusion: NRE and FCNR deposits maintained in India are not considered foreign assets and do not need to be disclosed in Schedule FA.
Recent Topics :
- “Income Tax Implications of Company-Related
- Advice needed: Hypothetical case of non-filing of
- Demand Raised for Cess Amount Despite Section 89 R
- WRONG BILL NO FILED IN GST R1
- Addtional trade name for my another firm
- Commission / Agency Business without books: REAL E
- Difference between AIS and 26AS data.
- Applicability of FCRA to Article Processing Fees (
- GST Return
- Practical queries on buy back of shares
Related Topics :
CAclubindia
