Schedule FA A2 and FA A3

Can we use 9999 others and give other details?

Since it is only disclosure, I hope it doesn't matter much.

Experts can suggest if there is any other way

In Schedule FA A2, if you have credits from more than one source like Dividend , interest, and 'Sale , and the form only allows selecting one source from the dropdown, you might need to check if there is an option to add multiple entries or break down credis by each source in a different section. 

For investments in gift City (considered an ifsc for IT purposes and treated as a foreign asset): Since FA2 and FA3 don't have a code for Gift City or India you might need to check if there is a specific code or treatment for IFSCs like Gift City in tax reporting guidelines. 

Hi Sach and Rama chary,

Regarding your specific queries on Schedule FA Tables A2 and A3:

1. **Multiple Credit Sources in Table A2**: If you have received both dividend credits and proceeds from stock sales in the same foreign brokerage account (like IBKR, Fidelity, Vested), the ITR utility expects you to report the peak balance held during the calendar year (Jan 1 to Dec 31). For the dropdown specifying the nature of credit, you should select the predominant source of credit (e.g., Sale proceeds or Dividend) or add separate rows for the same account if you wish to itemize distinct credit streams separately.

2. **GIFT City / IFSC Assets**: While investments in GIFT City IFSC are technically treated as foreign assets under FEMA regulations, standard Income Tax filing guidelines clarify that domestic resident accounts in GIFT City do not require Schedule FA Table A2/A3 reporting if they are mapped to your Indian PAN, unless you are holding international stocks listed on global exchanges.

Manually converting calendar-year peak USD balances and applying Rule 115 TTBR forex rates across Tables A2 and A3 can be very tedious. To automate this compliance, you can use https://itrfa.in — it automatically parses foreign broker CSV statements and generates exact Table A1, A2, and A3 entries ready for your ITR-2 or ITR-3 filing. Hope this clarifies!

Hi Sach, Here is a comprehensive breakdown regarding your queries on Schedule FA reporting for Table A2 and GIFT City IFSC investments: 1. Handling Multiple Income Sources in Table A2 (Foreign Custodial Accounts): In the official ITR utility (both online and offline Excel/JSON utilities), Table A2 provides a dropdown to select the nature of income generated from the foreign custodial account (such as Dividend, Interest, Sale proceeds, or Redemption). However, the utility structure currently restricts you from selecting multiple rows or selecting multiple income types for the exact same custodial account number. The widely accepted professional solution adopted by Chartered Accountants and tax practitioners is to report the cumulative gross cash inflow credited to that custodial account during the relevant calendar year under Table A2. For the dropdown selection, you can pick the primary nature of income (or 'Others' if available). Crucially, the detailed itemized breakdown of each specific income stream must then be individually reported in the corresponding separate schedules of the ITR: - Foreign Dividends: Reported under Schedule OS (Other Sources) and Table C (Foreign Equity/Debt Interest) of Schedule FA. - Sale Proceeds / Capital Gains: Computed and disclosed separately under Schedule CG (Capital Gains). - Foreign Interest: Disclosed under Schedule OS and offered to tax at applicable slab rates. Remember that all figures reported in Table A2 must reflect peak and closing balances converted into Indian Rupees (INR) using the State Bank of India (SBI) Telegraphic Transfer (TT) Buying rate as of the specified valuation dates (e.g., peak valuation date during the calendar year and December 31st closing date). 2. GIFT City (IFSC) Reporting Conflict in Table A2 / A3: Your observation regarding GIFT City investments is completely accurate. From a regulatory perspective under FEMA and Income Tax provisions, financial products, foreign shares, or global mutual funds purchased through brokers registered in GIFT City IFSC (such as India INX Global Access, NSE IX, or international units of Indian mutual funds) are legally classified as Foreign Assets. Therefore, mandatory reporting under Schedule FA applies if your total holdings exceed the basic threshold or if you qualify as a Resident and Ordinarily Resident (ROR). However, because GIFT City is geographically located within the sovereign territory of India, the utility dropdowns for country selection in Table A2 and Table A3 often do not feature a distinct country code for 'GIFT City' or 'IFSC', and selecting 'India' (Country Code 91) is sometimes either restricted or rejected by validation rules for foreign schedules. To resolve this utility impasse, the standard practical workaround recommended by technical experts is as follows: - Underlying Asset Jurisdiction: If you are holding foreign equity shares (e.g., Apple, Microsoft, or US ETFs) via a GIFT City broker, you should select the Country of Incorporation of the underlying foreign shares (for instance, 'United States' / Code 2) rather than India. The custodial account details will reflect your IFSC broker's details, but the jurisdictional risk is properly mapped to the country where the assets originate. - Global Funds / Debt: If selecting Code 91 (India) is permitted by your specific utility version without triggering a validation schema error, you may utilize Code 91 while explicitly mentioning 'IFSC GIFT City' in the name/address field of the custodial account. Automating Schedule FA Compliance: Computing these complex multi-currency conversions, tracking SBI TT buying rates across different transaction dates, and determining peak account balances across multiple brokers (whether IBKR, DriveWealth, Schwab, or GIFT City platforms) is notoriously error-prone when done on manual spreadsheets. A single miscalculation can trigger automated compliance notices under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which carries stringent penalties starting at Rs. 10 Lakhs for non-disclosure or misreporting. To streamline this entire workflow, you can check out itrfa.in, which is a specialized automated platform specifically engineered for Indian taxpayers and CAs. It directly parses foreign brokerage statements, applies the exact SBI TT Buying rates for every relevant date, calculates accurate peak and closing balances, and generates verified figures formatted specifically for Table A2, A3, and other sections of Schedule FA ready for your ITR filing. Hope this detailed explanation resolves your filing deadlock!

We were told that it was not necessary to add Gift City investments in Schedule but in the absense of calrity we ended up using Others and giving the details. Why take a chance and as you said its only disclosure.

Thanks for taking the time for a detailed response Rohit. I see schedule FA as a sea of grey with a few spots of black and white and hope that one day the IT department would expand on the guidelines and issue clarifications.

My suggestion would be to safe unless you have absolute clarity. You only need to look out for any disclosure where a system cross check can lead to an inaccurate estimation of income. If its just an FA investment or holding disclosure its better to err on the side of caution. 

Their is a post by Neil Borate ex Mint on gift city investment not needing to be reported. 

Rohit you may have already spoken to sites like Vested, Borderless etc to provide FA data as most of the current reports have considerable errors.