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I have properties in US/UK. Do I need to disclose these in my tax return?

Video Transcription


If you are a resident tax payer in India, then the answer to this question is, Yes. You must disclose all your properties in your return of income. Schedule FA is the schedule that needs to be filled up with all the details of the properties that you own out of India.

This schedule however needs to be filled only by a resident and not by a not ordinary resident or a non-resident.

The details of assets located outside India that you need to disclose are:

  • Foreign bank accounts
  • Financial interest in any entity
  • Details of immovable property or other assets
  • Account located outside India in which you have a signing authority
  • Details of trusts created outside India in which you are settlor, beneficiary or trustee
  • Income generated/derived from the assets mentioned in the list
  • Income earned under the head business or profession from out of India

For example:

Sarang is a resident taxpayer in India but holds foreign bank deposits in UK owing to his stay in UK for a year in the past. He needs to disclose these bank accounts in his return of income along with other details of income that he has earned in India.

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