ITR2 Filing with Foreign Assets & Capital Gain | How to fill Schedule FA -Foreign Assets declaration

[@Nama_CA]

For Tax filing services, You can reach out to us at [e-mail] Related Video Link: How to file form 67 to claim foreign tax credit: kzbin.info/www/bejne/pJWaoaKeiNyiepo ESPP Explained | How to declare ESPP in Schedule FA | Capital Gain Tax on ESPP in India kzbin.info/www/bejne/n2aVhWRuerFgsNE Restricted Stock Units (RSUs) Explained | Taxation rules in India I Declare RSUs in Schedule FA | Capital Gain on RSUs kzbin.info/www/bejne/nGHIZWCgYrlggK8 Deviation in Video: There is one deviation under schedule SI: In the last column of row 38, please fill lower of both countries tax amount for dividend income. As per our example, we need to write INR 1215. Link of Telegraphic Transfer Buying (TT Buying) rate for the conversion of foreign currency to INR: forexrateindia.com/sbi-bank-forex-rates-30-12-2022/

[@sharanyakaranth2463]

Hi Maam, Thank you for the detailed explanation :) I have one question, Under Tax Payable under Special Income should we mention the Tax at our Slab Rate for that dividend Income or Tax at Average Rate. In case of your example, 30 % of 8100 = 2430 is the taxable income. But u have mentioned it to be paid as 15 %(Average Tax Rate) of 8100 =1215. Could you please confirm whether it is 1215 or 2430. Thank you!

[@Nama_CA]

@@sharanyakaranth2463Average tax rate

[@sharanyakaranth2463]

@@Nama_CA Thank you!

[@saptarshi7587]

@@sharanyakaranth2463 24:40 Why there is refund of 57,000 is showing? it is because of Tax paid against foreign share?

[@vinukonda]

​ @Nama_CA 1) do we need declare RSU/ESPP under Foreign Assets? 2) I havent sold any RSU/ESPP but my company sold part of my shares for taxation purposes? BR/Ravi

[@manojthapliyal1978]

Any amount of thanks would be less to you Madam. Heartfelt thanks...❤

[@poonamgarg9761]

What a crisp description of each section . Thank you so much for providing such a detailed guidelines for filing ITR2. YOU rock.

[@NeelakanthPatil]

One of the very informative video i found on KZbin for filling FA schedule in ITR.

[@Nama_CA]

Thank you for your feedback, it means a lot for me.

[@amulpatwa2633]

This video is just perfect.. Great job Ma'am

[@krupeshmpatel]

Excellent video, thanks for the detailed explanation of all the components. Keep it up.

[@nanasahebpatil1158]

Thanks for this video. This is one of the most complete and very well explained on ITR-2 AY 23-24.

[@pritamkad2477]

Thanks, Nama Ma'am for the detailed video ITR2 filing with Form67_Schedule FA..it was quite helpful

[@krishnavivek1404]

Excellent vedio explaining every small detail connected with foreign assets.

[@Nama_CA]

Glad it was helpful!

[@ansavkoor]

Thanks so much for sharing this information, very helpful to so many of us,

[@Nama_CA]

Glad to hear this, thank you

[@Algo_Guru]

Heartfelt gratitude to you ma'am. Was able to fill just by following ur video. Thanks a lot.

[@shikhagarg7343]

Very detailed video. Really impressed with the way you explained most of the details. please keep posting more on such information. Thank you so much.

[@Manojpandey1993]

This is a very informative vedio. Thanks a lot and kindly keep up this kind of good work!

[@ankitshivhare4024]

This is one of the best lecture, share with my peers :)

[@Nama_CA]

Thanks

[@gaurisethi5808]

Very informative & helpful esp for working ppl having salary+espp

[@kaustav4]

Life saving video mam, great video, was searching this info from several days, atlast got it, many many thanks 👍

[@Nama_CA]

Glad it helped

[@ranachatterjee8725]

Thanks Madam for your informative training video for form 67 and itr 2 with foreign assets. Following you I have just filed a return for this assessment year ie. 24-25.

[@learnenglishfromai]

Highly informative video!

[@RandomGuyGoa]

Thanks a lot... I was searching for this for soo long

[@agarwaldilip8792]

Informative and interesting 👍🏼

[@RakeshKumar-pl8gz]

thanks you very much madam with your videos able to do my ITR2 filling with foreign assets.

[@Nama_CA]

Glad to hear that

[@SparkyPersona]

Really it was helpful. Thanks for the detailed video.

[@naveennitk2009]

Super helpful video. Thanks!

[@pravalsinghal8566]

Ma'am thanks for such detailed explaination. This is very helpful.

[@Itsmylife1311]

Thanks

[@SatyakiChatterjee]

Thank you so much madam for this highly informative video. Please keep adding more videos on ESPP/RSU-related ITR filings and concepts on effectively saving taxes while ITR.

[@Nama_CA]

@@SatyakiChatterjee glad to know this…thank you…. Surely add more tax savings and ITR related videos…

[@PhysicssimplifiedbySunilBalani]

Very Informative ...perhaps the only vedio that talks about nitty gritty of how to really fill FA schedule .People in general talk about theorytical aspect that people already know . Keep up the good work .

[@Nama_CA]

Glad it was helpful!

[@EuphoniousWords]

Ma'am I have one doubt in A3 we fill shares vested or shares held as the company by default on day of vesting sells some shares to cover for taxes . With my limited understanding Filled what is held actually as fa basically is a disclosure norm . Another problem that many people are facing is validation error saying dividend income cannot be greater than filled in BS statement . For a person using 44ADA what relations business has with dividend.

[@Nama_CA]

@@EuphoniousWords whatever you hold is your asset.

[@ABCofInvesting]

Thank you so much ma'am. Appreciate ur effor.❤

[@ABCofInvesting]

You are really awesome, Ma'am. Thank you.

[@elumalai3742]

Super 👍 thank you your information

[@Nama_CA]

Thank you too

[@HappyBoyRam]

This is very helpful!. Thank you.

[@priya75837]

Excellent explanation.

[@d10Mess]

Thank you ma'am. Video is very helpful.

[@omkarsakre5497]

Thank you so much ma'am. Was very helpful.

[@sunilj10]

Life saver ! thank you

[@khileshwarverma2085]

Only video with great details

[@martindaimari448]

Very informative. Thank you. One humble request. Many employees in India get RSUs from companies such as Paypal, Amazon as part of their compensation package. Would be great if you could create a video that shows how to file ITR2 in such cases. You can mention both scenarios in which an employee holds the stocks or sells the stocks.

[@Nama_CA]

Thank you. Will surely work on your sugession this.

[@azarudintabres]

Are you helping in filing ITR? If so, how to contact you.

[@Nama_CA]

@@azarudintabres hi you can mail me on [e-mail]

[@ashishkumardas2973]

Very informative

[@brijkishorkumar7696]

Thanks a lot. Its very informative video

[@Nama_CA]

@@brijkishorkumar7696 🙏

[@ak..8188]

Please upload more videos of services like society tds patent company incorporation

[@SATRUGHNA1958]

Precise and Excellent presentation.The topic would have got completely covered , if had you taken examples of ESPP & RSUs on purchase, vesting and sale of part qty of each category.. Keep doing good job.. Thank you ..Best wishes..

[@Nama_CA]

Thank you for the feedback. Will surely work on this and provide video on how to declare ESPP and RSUs in Schedule FA.

[@LokeshVV-j9p]

So much useful. Appreciate your level of details. Great work. @Nama_CA

[@CheeseStory]

Hello @Nama_CA in my form 12 BA , i see value of 0 against stock option and also the whole perquisite is 0 , however I have received RSU as per my salary breakdown. So do i need to show in others in salary breakdown or it needs to be added as perquisites. ?

[@shelendrasharma9680]

Thanks a lot for making this video. much needed. I have a doubt, I have a company RSU account. do I have to show the dividend received for RSUs? and I have one more doubt, I purchased some US stocks on 30-dec-2022 but the allotment date is 04th jan 2023, should I show this in Schedule FA?

[@anwarmi2000]

Thank you. Very useful

[@Nama_CA]

@@anwarmi2000 welcome

[@pallavichaudhari6164]

@Nama_CA- Thanks for making an effort to build such content for viewer, valuable information and very good content in this video, was searching for such detailed video. Quick question regarding ESOP/RSU, listed on US stock exchange, holding few RSU stock from FY20-21, but these foreign assets are not disclosed in last year ITR2 FA schedule, in impression to disclosed only after sell. Till now not sold any vested stock, should I disclosed all vested stock till now ( from last two years) in this financial year (FY22-23) of ITR submission ?

[@Nama_CA]

Revise return is allowed till 6 months from the end of assessment year i.e. 31st Dec. So you should declare all assets this year.

[@gbpranav]

Hello Madam, This video has cleared almost all my doubts in filing ITR-2 with Form67 for my dividend income from foreign assets (shares). Thanks for your detailed explanation. my scenario is that I am purchasing my company shares every month under ESPP in Germany. Should add one line per month with preceding month's TTBR for each line (month) until Dec 2022? Would appreciate your guidance. Thanks.

[@Nama_CA]

You need to add each line for foreign assets. Form67 is for dividend not for foreign assets.

[@zakimustafa5329]

In the forex rate link, for any particular date, there are two tables for exchange rates. Which one is to be used for converting dollar income to INR? Please explain. Thanks.

[@ManjunathaTD-g4f]

Thanks @Nama_CA, The video is really informative. If part of RSU shares are "sold to cover taxes" at the time of vesting, then a) Should it be mentioned in capital gain as there is brokerage loss and there may be slight difference in fair market price for day vs proceeds value shown at broker account, also as well brokerage loss is involved? b) In FA, should it mentioned or it should be only for shares which we hold? For this case should FSI or any other section as well to be filled? Thanks for your guidance.

[@vijaya169]

Same doubt

[@SubodhJain-k1v]

At 16:27, In SI section do we need to add the tax amount in tax thereon section. By default it shows 0

[@rajatjain5559]

@Nama_CA In your video when you go to TI (Part B - TI) in the end and see row number 12 to 17 you will see income from dividend is reduced from total taxable income (row 13). But it should not be subtracted and rebate of DTAA tax is again claimed separately and is visible in Part B - TTI. Here it is like, it has reduced dividend amount and also returned 25% tax. So this should be corrected. Can you check if I am correct?

[@Nama_CA]

Yes, you are right. I have added an error comment in the description and pinned the comment to help you correct this

[@zakimustafa5329]

Could you please make a video on foreign RSU taxation as well? I know most of the things will be the same but still if you could only highlight the foreign assets and foreign income part in the video. RSUs are awarded and not bought, so what all things would change for RSUs from normally purchased US stocks? There are not many videos specifically on RSU. Please consider it. Thanks.

[@Nama_CA]

The treatment is exactly same. That's why I use brough or given. I got the sense of your problem. Here I am giving one example: So assume you got 8 RSU from organization. So at the time of vested you got only 5 shares (3 was withhold for tax) So your foreign assets is only 5 shares. So you need to enter the 5 shares details with the date of it was credited in your account.

[@zakimustafa5329]

@@Nama_CA Okay. Thanks a lot. Subscribed to your channel.

[@theluxurylife8042]

@@Nama_CA Thanks a lot for making the video. It's very helpful. Just subscribed to channel. As you mentioned 3 shares withhold for tax out of the 8 vested RSU. Is it required to mention the gain/loss from those 3 shares as part of capital gains? And under FSI schedule? If yes, which category under Capital gain schedule to be selected? Is it under "From sale of assets other than all the above listed items" and within that will it come under a(i) or a(ii)? Please reply🙏

[@Nama_CA]

These 3 shares are not your assets and it is also not credited to your trading account. So you don't need to do anything for these 3 shares.

[@theluxurylife8042]

@@Nama_CA Thanks so much for you response maam! Is this applicable for sell-to-cover tax method also? In this case first 8 shares are vested and then 3 shares are sold on same/next day. Actually I can see sell transaction in stock account. Also these are there in gain/loss statement as buy price of alloted shares seen different than sell price of shares withhold.

[@sukritgupta7372]

Very Nice Video. There is just 1 thing I'll like to add: In Schedule "Income from Other source", We don't need to add income under point 2 "chargeable at special rates". 1. Dividends in India are taxed at normal slab rates whether Indian or Foreign. 2. Average Tax calculation is only needed for finding relief amount. 3. Filling point 2 => "Tax as per IT act", implies that tax on this income should be "15%". But it is untrue as income should be charged at normal tax slab rates. 4. Here dividend income should be mention under just 1ai. 5. Tax rebate should be taken in schedule FSI and TR. 6. Then our effective tax would be normal tax - tax relief.

[@manishpundir28]

Hi - I had a question here. Shouldn't the average tax calculation be done for some one who is NOT falling in the highest tax slab, so that the relief amount gets calculated average wise for the person so his additional foreign income spans across multiple slabs? For a person who is already falling in highets tax slab with domestic income, for him shouldn't the tas relief be calculated stright away as per the highest tax slab, instead of the average calculation?

[@divyamarora6908]

Exactly pointed out!! no need to use special income, as dividends are not chargeable at special rates but as normal tax slabs so it will be 30% or whatever the tax slab is.

[@jay_techie]

Nice Video. I was looking for Schedule FA & your video helped me alot. I've a question: the same methodology works for both RSU & ESPP? Could you please clarify. Thanks in advance

[@Nama_CA]

Thank you Jay. Yes the same method works for RSU and ESPP. Share with your friend and family.

[@jay_techie]

@@Nama_CA thank you. Sure 🙂

[@madhusudanmore4920]

IN FA schedule the Dividend was reinvested in share, so can total gross amount paid/cred with respect to the holding during peroid as zero

[@Nama_CA]

total gross amount paid/cred with respect to the holding during period is the dividend value you received on those shares.

[@RakeshKumar-pl8gz]

@Nama_CA - Please check at 14.20 minutes, in the article of DTAA you mentioned as 10 but its 25.

[@SuneelKumar-kf1wg]

Very informative & helpful for salaried and having investments in Stock market...Kudos Mam...U have saved hundreds of people.... Btw which tool is used to mask the sensitive information mam? please advise....

[@RSingh-]

Useful information ! Thanks !

[@Nama_CA]

You're welcome

[@kotavenkatasaibharath]

Hi madam, In capital gain for expenses stt not to be considered as expenditure but you had considered. Please check the same thus stt can be considered only for f and o expenses.

[@mavenVB]

Many thanks!!! 🙂

[@sanjaikumartingrikar8256]

Madam, Make videos on ITR-1 salaried employee and ITR -4 for freelancer or small business owners..And project report for small Business loan (mudra loan 5 or 10 lakh)

[@Nama_CA]

Sure for this financial year

[@gauravgupta8166]

Thanks a lot @Nama_CA for sharing this great video. Very well explained. I have few queries: 1. Do we need to declare custodial / brokerage account e.g. Vested, IND money (table A2 in drop down) in Schedule FA (in addition to equity details in Table A3) considering US has custodian model as against depository model of India ? 2. I have some interest income in Vested finance account (this is from the INR to USD that I transferred to buy US shares). Is this also a part of "Gross Income" that I see in 1042-S form OR does it only show Dividend income ? 3, If I wish to show both Interest income (point 2 above) & Dividend income in Schedule FSI, Do I just need to show Sum of both amounts ? & what should be the relevant DTAA article in this case as this is 10 & 11 for these two things and we can't add separate details for dividend & interest in Schedule FSI

[@zakimustafa5329]

Thanks for sharing such valuable information. I received dividends in 2022 as well as in January 2023. Should I add January 2023 dividend to the total dividend income in this year ITR? As US calendar year is from Jan to Dec, 2022. Please help.

[@Vanshkrishnatrey7]

Hi - Thanks for the video. I think the Microsoft shares shall be considered as unlisted shares. Since ITA talks only about listed on Indian stock exchange and therefore, we will have to select shares held in unlisted company aswell in the filing information.

[@sristijaiswal1013]

You should select the checkbox "From sale of assets other than all the above listed items" under schedule CG and mention Microsoft under that. I have seen this is some other KZbin videos.kzbin.info/www/bejne/hICZgJ-LfpZ7sJY

[@sushanthkumar2590]

If some companies listed in well known foreign stock exchange then it is not need to mention in this column i believe , only FA schedule is sufficient.

[@manishsingh-vj8ls]

How to carry forward short term loss on foreign RSU's to next year. Which option to choose in "Schedule Capital Gains". Can it be adjusted against capital gain in Indian equities in the current year?

[@jyotindermehta2870]

Very informative. How would the NSO/ Phantom stocks be treated ? Where would they reported in FA and FI schedule and how ? If you can share your contact it would be great

[@nikita7725]

Mast

[@rajeshsankaran4727]

Thanks for the very informative video. I have some dividend income due to ESOPs listed in the US market. How to get 1042-S ? Is it mandatory to submit 1042S and also Form67 to claim tax credit ?

[@Nama_CA]

To claim tax rebate it is mandatory.

[@divakarungatla7104]

@Nama_CA Wonderful explanation madam! thank you so much. Your video is a life saver. I have query about Schedule FA Table A3 1. If I was allotted RSU after the date of peak value in 2022 then which day price should I use for those stocks to calculate peak value of investment during the period ?In your example peak value is on 4 Jan 22 and shares are acquired on 4 Jan 22. If they are allocated after 4 Jan 22 say on 5 April 22, what should be the peak value of investment ? 2. For RSU allocated by MNC what should be the Initial value of investment. Is it same as purchasing shares or should it be zero ?

[@manishpundir28]

Hi Ma'am, Very informative video. Thanks for sharing with us. I had a question. Shouldn't the average tax calculation be done for some one who is NOT falling in the highest tax slab (for eg. 10% or 20%), so that the relief amount gets calculated average wise for the person whe his additional foreign income spans across multiple slabs? For a person who is already falling in highets tax slab 30% with domestic income, for him shouldn't the tas relief be calculated stright away as per the highest tax slab, instead of the average calculation?

[@MelvinSimon777]

Ma,am in many articles over the internet i see disclosure has to be done for calendar year however the foreign dividend income for taxation has to be shown for financial year, kindly share if you have any reference that foreign dividend income will be taxed only per calendar year and not financial year

[@adityaabhiram5483]

For declaring scheduled fa, it should be till Dec 2022. For dividends obtained from foreign stocks, it it also till Dec 2022 only or we should provide info till March 2023

[@Nama_CA]

Till 31st December 2022 only.

[@manVshandle]

@@Nama_CA and what about stocks sold in JAN-MAR 2023 period ?

[@adityaabhiram8671]

@@Nama_CA ma'am since while filling Schedule OS, it is required to mention split of dividend across quarters right, so how to mention the info about dividend received in Jan-Mar 2022?

[@MelvinSimon777]

Ma'am, kindly answer this

[@shreeexplore]

Thanks mam , in part b TTI what I choose yes or no if my rsu vested after Dec and received dividend income after Dec 22 and vested share shown as perquisites in my salary. Please reply. If I go with yes then disclaimer is there where fsa have to update

[@rajatjain5559]

Thank you for this. For filing "Schedule FA" do we need to fill the stocks purchased from "Jan-Dec" period or also stocks from last year? As in video you have shown stocks acquired older than 1 year.

[@Nama_CA]

In Schedule FA we need to declare all stocks which we are holding at year end irrespective of purchasing year.

[@rajatjain5559]

@@Nama_CA Thank you so much your your response. One more question, If, we do not have TTBY value on a particular date. Should we use previous day value? Like on 15 Aug value is not available on website.

[@Nama_CA]

@@rajatjain5559 Yes you can.

[@hari_vinu_4]

Very useful video ma'am! I have two doubts after watching the video. Could you please clarify these? 1. If I have shared of US company purchased through ESPP, do I need to select "Schedule Tax deferred on ESOP"? 2. If I have purchased an under-construction property (registration will happen after completion only), and paying installments through loan, do I need to mention it under "Schedule AL"? Also how much amount would I mention as asset and liability in this case it is required to be filled?

[@Nama_CA]

Thanks a lot for your compliment. 1. You need to declare US company's shares in Schedule FA. Schedule Tax deferred on ESOP is only for Start-ups and not for Foreign company shares. 2. In case your taxable income is more than 50 Lacs than only you need to declare in Schedule AL. Asset amount will be your property cost and Liability is your remaning loan amont.

[@hari_vinu_4]

@@Nama_CA thanks ma'am for clarifying!

[@saptarshi7587]

24:40 Why there is refund of 57,000 is showing? it is because of Tax paid against foreign share?

[@SajithCP-b4q]

Hello, I have query with respect to schedule special income (schedule SI). I noticed that the 'Tax thereon' field for the dividend record was left as '0'. Refer to 16:26 in the video. Should'nt that be populated with the tax applicable for dividend paid (lowest among indian and foreign tax) ? Please can you confirm.

[@Nama_CA]

@@SajithCP-b4q Yes. You will have to mention that. I have mentioned that error in discription and pinned comment.

[@SajithCP-b4q]

@@Nama_CA Thanks for the confirmation. This is helpful.

[@sorv007]

Very helpful. Just one doubt - what’s the accounting period for FA 1-Jan to 31-December as you called in video as well? Any reference or site to cross check on same?

[@Nama_CA]

Check the Sechdule FA. It is clearly written that you have to provide details till 31 Dec 2022.

[@ovb98]

Hello ma'am I have Microsoft stocks since 2020 but I didn't purchase any stocks in current year i.e. 01/01/2023 to 31/12/2023 still do I have to fill FA schedule?

[@sukritgupta7372]

Yes

[@Unknown-vl8oh]

In case of ESOP - What should be the initial value of investment - Market Value or the Discounted Value with which purchase was made?

[@Nama_CA]

Discounted value

[@naveen1151]

do we have to file the F module in schedule capital income if we have losses.

[@ashishbansal7467]

Super

[@GulshanKumar-cu3bp]

Whether, shares held in foreign depository beneficial owner account, are to be shown every year in Item A2 of Schedule FA, in the ITR?

[@Nama_CA]

Yes

[@aditya-vt7po]

Do we need to fill shares in unlisted shares if shares are on foreign stock exchange

[@jimishah-f8l]

In si schedule, we dont have to put in amount ln tax thereon column?

[@Nama_CA]

yes you need to put, I have mentions in the description about error.

[@nooruddinpanjwani8573]

Mam, Very informative video. However, a crucial detail seems to be missing regarding the reporting of savings accounts held outside India and salary received from a foreign company. Consider the following scenario: A person worked in India until 28th July 2023, after which their employment was transferred to Canada. Until 28th July, he earned salary and benefits in India. From August 2023 onwards, he began receiving a salary in Canada, where taxes were deducted at source. The individual also opened a savings account and a salary account with a Canadian bank. While filing his Indian ITR-2 for AY 2023-24, he declared all salary and other income earned in India but did not fill the FA (Foreign Asset) schedule. Additionally, he filed his income tax return in Canada in March 2024 for the fiscal year 1st January 2023 to 31st December 2023. Given that his residential status in India for AY 2023-24 is *Resident*, is it mandatory for him to file the FA schedule in their Indian ITR to disclose the salary earned in Canada and the interest earned in the Canadian savings account? Your guidance on the FA schedule requirements in such cases would be invaluable. Thank you!

[@awasthisubham]

Hello Ms. Namrata. First of all, thank you so much. Since last few days, I have been seeing several videos that talk about declaring foreign assets in ITR-2. After seeing all three of your videos, without any doubt I can say that the way you have presented is one of the best. Thank you again for taking time out to create it - I am also subscribing to your channel. 🙂 I have one query and hope you would clarify. While filling the schedule FA, you have taken an example of Microsoft. In this case, the shares are listed in USA while the headquarters of the company is also in USA. However, my question is how will the information change if lets say shares of a company are listed in USA (e.g., NYSE) but, the headquarters are in some other country (e.g., Ireland)? In this situation what should be filled in the field - Country/Region Name and Code? Should it be USA (because stocks are listed there) or Ireland (because company is headquartered there)? This also becomes important because it might also impact calculations of tax in dividends since USA might have a different tax rates than the Irish tax rate. Even Government of India might or might not have DTAA with the other country. I look forward to hearing from you. Thank you!

[@Nama_CA]

Hi Shubham, thank a lot for your compliments. In the given case, company listed in USA and tax also deducted in USA so in country name in ITR will be USA

[@awasthisubham]

@@Nama_CA: Thank you for the reply. However, while the shares are listed in USA, the country in which tax has been deducted is Ireland as the company is registered there. In view of this, please suggest.

[@Nama_CA]

In your case, your assets belong to Ireland. So In calculation, you need to use the US conversion rate as the share rate will be in USD as listed in USA but article number and tax rate need to take according to Ireland.

[@gauravgupta8166]

Hi @Nama_CA, Thank you for providing this valuable info. Consider a scenario where I hold company X shares from 15th Sep, 2022 but it's price is declining continuously since then. The highest price was on the date of buying(15th Sep, 2022). In this case, For AY2024-25, what should be the duration chosen to determine "Date at which price was at it's peak". Should I chose Jan 2023 - Dec 2023 OR Sep 2022 - Dec 2023 ?

[@Nama_CA]

The peak value in the calendar year 2023 for AY 2024-25 filing.

[@hiteshmehta4867]

Good and informative demo. Iwant to know, if MNC RCU alloted in Feb23 and tds had deducted..should we disclose this year.

[@shelendrasharma9680]

if its a US based MNC then no need. as its after the calender year jan-dec 2022

[@Nama_CA]

You need to disclose next year

[@Raghuram777]

Hi Mam - In this video at (8:56) you were mentioning that we can claim the expenditures like STT for Capital gains on stocks (Deduction unders section 48 b(iii)). But is this possible? because as far as I know we can claim expenditures for business and professional income only right?

[@Famousyoutuberx]

Hi, mam. Thank you for the helpful video! I have a quick question. If a company sells shares to cover TDS on perquisites, should we report this as a sale and show it as short-term capital gains? For example, if 300 shares vested, 93.6 shares were sold to cover TDS, and I didn't sell the remaining 206.4 shares, should I report the sale of 93.6 shares as STCG with zero capital gain since the purchase and sale amounts are the same? Thanks

[@Nama_CA]

Check out my video related to RSU. You will get your answer.

[@neeraj79]

Hi Madam, If i have a foreign US stock that i have bought in different quantities multiple times and sold multiple times in a year, how to enter multiple transactions of the same stock? Do we need to calculate average value ?

[@Nama_CA]

You will have to do separate entries for each transaction as per buying date and purchase value. In Schedule FA, the assessee has to disclose all holdings which he has held for a day or more during the calendar year 2023 for filing of ITR for AY 2024-25. In capital gain, you can enter a consolidated value and report your gain and loss. If you want to know how to report capital gain, go through my other video of either RSU or ESPP.

[@hemakshisachdev2280]

Hi madam, I initially I got stocks for company X but the company got acquired by new company Y and our shares got converted from X -> Y then for which company shares we need to declare? All this happened in the same calendar year.

[@Nama_CA]

Declare Y Company Share

[@superrb24]

Hello, what about calendar year and financial year as in India we account income as per financial year and in foreign income is accounted as per calendar year. My client earns salary in February and March 2024 in US and tax is withheld on the same , so do we include this salary in india income as he is a resident also how can we claim the tax credit for these 2 months as FORM 1042-S is available as per calendar year and not financial year. So if we show feb and march income in fy2023-24 return we cant claim the tax credit for the same as we dont have any proof to submit along with form 67.

[@Nama_CA]

Use tax withhold statements provided by employer like salary slip for credit claim for jan and feb month

[@superrb24]

@@Nama_CA ok so form 1042-s is not mandatory in that case right to take tax credit for those months ?

[@superrb24]

@@Nama_CA as my client received dividend income on esops in the month of feb and march and tax is withheld on the same and to proof we have only broker statements showing the tax withheld , does it work if we upload those statements there?

[@Nama_CA]

@@superrb24 they need prrof of income and tax withhold.

[@superrb24]

@@Nama_CA also how we disclose these in shedule FA as they ask for gross amount received and it is as per calendar year so do we include the feb and march dividend in gross amount received if we are showing that as income in other source?

[@mightysachanb2w]

@Nama_CA Hi Mam, Thanks for the detailed explanations. In Schedule FA, do we need to disclose only the RSUs acquired in the calendar year 2023 or we need to disclose previous year's RSU that we still hold (RSUs acquired during calendar year 2021 and 2022 for which we have already submitted "Schedule FA" in previous ITR filing)

[@sukritgupta7372]

All

[@narendrashah3542]

if invested in insurance policy in singapore and income is not earned but investment is to be reported then how to show investment in itr 3

[@ParidhiJain-f4r]

Do I need to fill Schedule FSI and TR in ITR-2 if I am a resident Indian who received foreign salary in India from a remote job in the U.S.A. but no tax was deducted in foreign and is also NOT claiming DTAA tax relief because no tax paid in U.S.A.? Please advise. Thank you.

[@vinodj7535]

I was not aware of foreign stock disclosure, can I disclose foreign stock that I bought in year 2021, 2022 and 2023 in current year IT filing. I sold few in year 2023 only. No sells were done in earlier years.

[@Nama_CA]

As per the rule, you should disclose all foreign assets which you are holding or sold in calendar year 2023 for FY 2023-24 ITR filing. Also, need to declare the capital gain on Foreign shares if any. You can go through my video of ESPP/RSU for capital gain disclosure on Foreign shares.

[@rajatjain5559]

@@Nama_CA Here question is "I disclose foreign stock that I bought in year 2021, 2022 and 2023 in current year IT filing?" Or do we need to revise old returns?

[@jitesh.nemade]

Hi Maam, I forgot to mention schedule FA and its associated dividends in ITR, so to correct it can I now fill form 67 and a revised ITR with declaring schedule FA and dividends?

[@Nama_CA]

Yes you should

[@ptejwani]

This video is very useful information. Thanks. I have got a question :- I am a green card holder & staying in India for more than 182 days in FY2023-24. Do I need to file as resident Indian or. As an NRI for filing ITR2 for FY2023-24. Kindly advice Thanks T P Rai

[@Nama_CA]

As per rule. You should file the ITR as a resident of India.