Schedule FA ITR 2 Table A2 (Custodial Account) and A3 (Foreign Equity)
1. For Foreign Assets, in Schedule FA, Table A2 (Custodial Accounts) should the peak value & closing value show ONLY the idle cash sitting in the brokerage account in USA or should it include the value of the stocks purchased. (OR are shares purchased mentioned only in Table A3 with cash balance of brokerage account in A2)?
2. If I were to remit an amount to my brokerage account, should anything be mentioned against gross amount paid/credited to the account in Table A2(Schedule FA)? (dropdown has nature of amount as: Interest/Dividend/Proceeds from sale of assets/other income/no amount paid credited)
3. Table A3 requires peak value of stocks held. If I sell my stocks on say, June 1st, will the peak value be of the period between 1st Jan to 1st June or will it be the peak value of the stock anytime during the calendar year(i.e. even after I have sold it)?
Asked 12 months ago in Capital Gains Tax
As mentioned by CA, Shubham Goyal, If I am to report in Table A2, peak and closing values of total balance (i.e. cash balance and value of stocks), kindly help me to understand further:
1. Assume in CY 2023, I have remitted 1 lakh and invested the whole amount. Peak combined balance is 3 Lakhs and closing balance is 2.5 lakhs (i.e stocks generated a profit (not sold & still holding) of 1.5 lakh) for ITR filed in AY 2024-25 and this is reported in Table A2. Here against ‘No amount paid/credited’ – Should 1 lakh be mentioned? Am I correct?
2. If I sell some stock in CY 2024 for 5 lakhs profit & no further remittance is done for investing, it has to be reported in ITR for AY 25-26 and against Table A2. In this case, 5 lakhs is reported against ‘Proceeds from sale of assets’. What will be the closing balance in this case?
Asked 12 months ago
