For a foreigner (citizen of another country) living and working in India, is it mandatory to declare foreign assets and bank accounts in Schedule FA of ITR-2.
The foreigner is living in India under OCI status (Overseas citizen of India) and not on a business/employment/student visa.
There is no income generated from these assets and the assets were acquired prior to the date that the foreigner started living/working in India. Reason for the query is primarily because the requirement of Schedule FA seems to be directed towards Indias holding overseas assets and bank accounts. Foreigners on business/employment/student visa are exempted from the filing requirement, but there seems to be a gap wherein foreigners (with OCI) are not explicitly mentioned.
Any advice in this regards will be truly appreciated.
CAclubindia
