Eldhose MV (Associate) (63 Points)
26 August 2020An individual who is resident in india who is having only salary income has purchased foreign currency amounts to Rs 3,50,000 for his son going abroad for education purpose during the AY 2020-21. The information relating to purchase of foreign currency has came in Form 26AS through SFT.
Kindly help me to know whether these purchase of foreign currency has any impact in filing of ITR? Which form of ITR to file?
Thanks
CA Shubham Gupta
(CA Job)
(606 Points)
Replied 27 August 2020
Purchase of foreign currency will not have difference in filing of ITR,
file ITR as per source of income in your case ITR1 for salary income
since you have purchased currency out of Income , that is already declared as income, so no problem
High value transaction Information that will be shown in 26AS, is only method to identify Assessee those are spending income but not filing ITR
CA Shubham Gupta
9968983550
CAclubindia
