Taxpayers have to mandatorily declare all their foreign assets in the income tax return (ITR) and that includes foreign stocks as well.Even an individual who has a taxable income below the basic exemption limit of 2.5 lakh but holds, say, a Tesla or Apple stock in the US will still need to file the ITR just to disclose this stock holding.
Foreign stocks have to be declared in the ITR every year as long as they are held in your name and not just report the capital gains or losses when you sell them. “Disclosing ownership of foreign assets and reporting income from those assets are two different requirements in the ITR. Both need to be done," said Suruchi Mahajan, a Bangalore-based chartered accountant and owner, Suruchi & Co. Read More on-
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