Reporting foreign Property (house) in Schedule FA

Income Tax ITR Filing
1

I am a OCI holder and RNOR for FY 2023/24. I will become ROR in India for tax Purposes for the financial year 2024/2025 because I had extended stay due to pandemic in 2020/2021. I have been living in UK for past 10 years. I have a Property (family home in UK) which was purchased in 2022 with a mortgage home loan which is still being paid back. It’s our family home and is not rented and hence no income from property. Can you please clarify the following questions.

  1. Should I report this under Schedule FA ?

  2. If I report the house in Schedule FA table C - “what is Total Investment (at cost) ?” Is this the purchase price along with the loan amount ?

  3. Where should I mention the Liability ( mortgage home loan) for this ? which table should I use?

  4. Does the below mentioned exemption apply to OCI holders as well ?

Foreign Citizens’ Disclosure Exemptions:
Foreign assets acquired during the period when the foreign citizen was a non-resident of India are not required to be reported, as long as no income is derived from these assets during the current previous year.

Thank you

1 Like
3

Hey @Susen

As a Resident and Ordinary Resident Indian, you are required to report your foreign asset holdings under Schedule FA when filing your ITR. Therefore, you must report any immovable property in Schedule FA under Table C, as you are considered a resident Indian.

Moreover, the total investment should include the purchase value of the property along with the loan amount.

Additionally, you do not need to mention any liabilities in your ITR.

Hope this clarifies.