Foreign US short term investments and freelance tax

Taxation
1

If someone has knowledge of how to get the tax done for these things and also claim benefits for if there are losses in foreign investments, that would be quite helpful!

Thanks:)

2

Foreign investments are considered as other capital assets.

Tax Treatment is as below:
Long Term Capital Gains - Asset is sold after 36 months from purchase - 20%
Short Term Capital Gains - Asset is sold within 36 months from purchase - slab rate

Loss treatment is as below:
Long Term Capital Loss - It can be set off with LTCG in current year, remaining can be carried forward for 8 years and adjusted with future LTCG
Long Term Capital Loss - It can be set off with STCG and LTCG in current year, remaining can be carried forward for 8 years and adjusted with future STCG and LTCG

3

Hi @Quicko

Does the platform allow a convenient way to guide and fill schedule FA if one has invested abroad in equity/etf via the LRS route?
Few Questions

  1. What documents need to be kept in case of any query from IT department?
  2. How do we ensure that all sub-schedules within the Schedule FA is filled appropriately ? (so as to prevent any possible chance of a scrutiny)
  3. How do we handle dividends/and filling the ITR for dividends?

Clarification on the whole FA and Capital Gains by way of a write-up/self-help guide would be greatly appreciated.

Thanks
Nitul