-
India follows financial year whereas US follows the calendar year. All the data that the US based brokers share is in calendar year. Do we need to report the schedule FA, FSI etc. as per the financial year? There is contradictory information about this online. Is anyone having a link to the official section or law about this?
-
In the tax reports provided by INDMoney, under the dividend report it says
The dividend payout dates mentioned in this report are the actual payment dates. This may differ from DriveWealth statements which have publicly announced payment dates.
For US and Indian Income tax purpose, which date is used to calculate the dividend, the date when the dividend hits the investing app (in case of US dividends) or the bank (in case of Indian dividends) or the dividend announcement dates (in case of both US and Indian stocks)?
Note- Dividend details as per the report shared by INDMoney are from 01.04.2024-31.03.2025 so that means that they have taken financial year here and not calendar year as per this report atleast. Is calculation needs to be done as per financial year everywhere?
-
For the short term and long term, capital gain or capital loss from Indian and US stocks, do we need to club the total of both and mention them together in the ITR?
-
How to prepare schedule FA from the data/statement shared by the broker like IBKR? Schedule FA has peak balance, closing balance and other columns. Do we need to mention these values of a stock as per their highest blance and closing balance as per 31st March after converting them to INR?
-
The commission paid to these brokers/apps for investing in the US market, can this be claimed somehow? IBKR’s support said that it can be claimed. Even INDmoney’s support mentioned this in some thread here.
-
The 25% dividend tax deducted in the US, can it be used to offset only taxes which arise from capital gains (both from India and the US) or can it be used to offset taxes which arise from salary/income from other sources also?