Article

Disclosure of foreign assets in your income tax return

ClearTax Free Intermediate India

What a resident has to report about foreign shares, accounts and income in Schedule FA, and what happens if they do not.

  • Resident and ordinarily resident individuals must report foreign assets in Schedule FA and foreign income in Schedule FSI.
  • Holders of ESOPs and RSUs in foreign companies are among those who most often miss the disclosure.
  • Non-disclosure can attract a penalty for each year it is missed.
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Curated reading that points you to the sources, not personalised investment advice.

It answers 2 questions

  1. How are my gains from US stocks or foreign shares taxed in India?
  2. My ESOPs are in the US parent company, not the Indian entity. What changes for me?

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