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Do I have to declare Motilal Oswal Nasdaq 100 (MON100) ETF as a foreign asset in my ITR?

T S Khurana |461 Answers |Ask -Follow

Tax Expert - Answered on Jan 10, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Jan 07, 2025Hindi

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Recently IT department issued direction to show/ declare foreign assets in IT return. In my case I have invested in MON100( Motilal Oswal Nasdaq 100). This is an ETF which is a bunch of foreign companies. I requested my CA to upload such detail in FA column in ITR 2. There is a schedule to mention the detail, but my CA is unable to understand and he says that you have not directly invested in foreign asset rather Motilal lal Oswal has invested. So don't take tension. Further different types of details are needed such as TAN etc due to which it is difficult to fill up that colum of Schedule FA. Is my CA correct?

Ans: You have invested in Mutual Funds of an Indian company, who deals in foreign investments. You don't have any foreign bank account or investment in any foreign company, as such you need not bother. Your CA seems correct in this respect.
Most welcome for any further clarifications. Thanks.

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Question by Pareshnath - Nov 27, 2020Hindi

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1. I have salaried income above Rs.50 lakhs. 2. I was in USA, then My employer allotted some Shares of Company, which I still retain. 3. So far I have not sold any share. 4. ITR 2 requires to fill-in Assets & Liability statement. 5. My question is Shares allotted by my Employer while at USA which I still retain, has to be shown/added with my present assets in India? I am now employed in India.

Ans: Currently as you have not sold the shares, you need not include it in the computation of your taxes while filing a return. Whenever you sell the same, you need to report this capital gains from the sale of Foreign Shares.

The details of Foreign Shares should be reported in Schedule FA i.e. Schedule Foreign Assets of the ITR. This is required as part of the overall disclosure of assets that is required for you.

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