Question on ITR3 Sch FA wrt 401K Disclosure

hyderabadi4life · Post by **hyderabadi4life** » Fri Jul 22, 2016 3:59 pm

Hi all,

Posted in Rajesh forum but also posting here since this seems like the relevant forum

I wanted to seek inputs on 3 questions that I have regarding filing my return with respect to Schedule FA Disclosure of ITR2 for AY 2016-17. I would appreciate if any member with experience can help with the following

Case Background
Returned to India around mid-Feb 2015 . Filed last year (FY2015) as Non-Resident in India
First time filing as Resident Indian post R2I - 2016 FY/ AY 2016-17 - ITR2
Not reporting schedule TR as I have paid no tax in US for the year and am not claiming any under DTAA
Major reporting For me is Schedule FA

FIRST MAJOR QUESTION - All foreign assets (I only have Bank balances, 401K and some recievables no immovable property or movable property) Do i need to report all these assets as I have earned all of them when as I was NRI. Assuming it is a YES and hence the following

1) 401k REPORTING -
a) Which section do i show it under - assuming capital assets (section D)?
B) what will be my investment cost in rupees. Seems complex if I have to compute every paycheck contribution date and corresponding Fx rate and also company match portion.
C) Do I need to report any dividends and unrealized gains in the year as income? This is my main question.

2) I have some receivables in $ from my friends and cousins for assets sold to them and loaned otherwise which will be deposited in my US Accounts this year, so wanted to make sure i capture them lest they see an increase in Bank balances next year and question.
a) do i report them in section d as capital asset? I will figure out a way to value them at Fx rates around time when i loaned them.