26 July 2023
Yes, it has to be declared. For the taxpayers, in the case of foreign assets, the ITR form requires the disclosure of assets held at any time during the calendar year. For example, when filing ITR for assessment year 2023–24, one needs to declare all the foreign assets held from January 1, 2022, to December 31, 2022. This is done as most countries follow the calendar year for assessment, unlike India, where the financial year is April 1 to March 31.
26 July 2023
Thanks for the response. What about capital loss or gain? Should that also be declared based on calendar year January 1, 2022, to December 31, 2022. The reason I am asking this is, I had sold RSU in February 2022 at short term capital loss and sold some in October 2022 with short term capital gain. But I had filed ITR for AY 2022-2023 with ITR-1 not knowing that ITR-2 should be used. I recently got to know that ITR-2 should be used if there are capital gains or loss. Is there any way I can make use of offsetting the loss?
CAclubindia
