The facts of the case are as under:
1. An indian born person, holding US Citizenship, has been residing in India since more than 5 years.
2. As per Income Tax Act, the person is a "Resident" in India and files the IT returns accordingly.
3. The person also files joint IT return and pays taxes in US with its spouse.
As per the new amendments made in the budget, for Asst. Year 2012-13 and onwards, a "Resident" is required to declare the details of foreign assets in the IT Return.
I have the following queries
1. As the person is a US Citizen, are the above amendments applicable to him
2. If yes, what assets will need to be declared (request you to please provide more details about joint ownership / holder of accounts, few e.gs. are given under):
a. Account where the person is joint and primary holder in the account
b. Account where the person is joint and second holder in the account
3. As the person also pays joint taxes in the US, is the income taxed in US also required to be shown in the IT Return
4. What will be the situation if the person is a woman and the Husband is earning and paying taxes in US and vice versa?
Request you to also provide any other important points to be considered in the above.
I would highly appreciate if you could also provide me with any links on the net / details of Case Law - related to the above query.
Thank You in Advance
CAclubindia
