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In itr2 where to report foreign shares ltcg

ASK Tax (engineer senior) (24 Points)

17 October 2017

I understand that foreign shares are considered to be eligible for long term gain when they are held for 2 years. Is this right?

Where capital gain/loss arises from sale of the foreign shares held for more than 2 years which rows of schedule-CG should be used to report such a gain/loss?

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ASK Tax (engineer senior) (24 Points)
Replied 21 October 2017

This question was answered on another tax related forum as follows:

"Shares in a foreign company would be treated at par with unlisted shares and you will have to pay capital gain (long term or short term) depending on the period of holding. From 1 April 2016, unlisted or foreign shares are treated as long term if held for more than 12 months.

For determining rows to be used, do read detailed instructions given by I-T dept on its website for the ITR form, you are using."