Foreign Assets, Property & Bank Accounts for Residents
Holding, inheriting and disclosing foreign assets under FEMA and the Black Money Act
- 1InventoryEvery foreign asset and its origin listed.
- 2AssessFEMA and tax position confirmed.
- 3DiscloseSchedule FA and foreign income filed correctly.
Share your details. We’ll reply on WhatsApp with the next steps and a checklist.
Pick a plan — the fee is adjusted if you hire us within 30 days.
About Foreign Assets, Property & Bank Accounts for Residents
A clear overview, in simple terms — what it is, why it matters, and how we handle it.
A resident Indian may keep foreign assets acquired while living abroad, inherited from someone abroad, or bought under LRS — FEMA Section 6(4) protects assets acquired as a non-resident. Every resident and ordinarily resident taxpayer must report all foreign assets in Schedule FA of the ITR, even without income. Non-disclosure can attract a ₹10 lakh penalty under the Black Money Act, except where non-property foreign assets total ₹20 lakh or less.
Returning NRIs often keep foreign bank accounts, retirement plans, shares and homes. These can be held, but income from them is taxable in India once you become ordinarily resident, and Schedule FA must list each asset by calendar year.
Inheriting a foreign asset is allowed whether the deceased was resident abroad or in India; the key steps are probate in the foreign country, local estate-tax checks, and correct Indian disclosure and tax on later income or sale.
| FEMA protection | Section 6(4): assets acquired while non-resident or inherited |
|---|---|
| New acquisitions | Under LRS within USD 250,000 a year |
| Disclosure | Schedule FA for resident and ordinarily resident taxpayers |
| Black Money Act penalty | ₹10 lakh; not where non-property foreign assets ≤ ₹20 lakh |
| RNOR | Schedule FA not required |
Who this is for
Common scenarios where this service is a good fit.
- Returning NRIs with foreign assets
- Employees holding foreign RSUs or ESPP shares
- Residents inheriting assets abroad
- Residents owning foreign property or bank accounts
What you get
Clear deliverables so you know exactly what's included.
- FEMA status of each asset
- Schedule FA preparation
- Foreign income and tax-credit reporting
- Inheritance and sale planning
Expert review before every submission — not just data entry.
Working notes and reconciliations you can rely on in future notices.
Resident Indians, NRIs, expats and cross-border businesses — all served.
Documents required
A practical checklist. We'll tell you if anything else is needed based on your case.
* This is a base checklist. After a quick pre-check, we may ask for additional items specific to your case.
Process
A simple, trackable workflow — designed to avoid back-and-forth.
Every foreign asset and its origin listed.
FEMA and tax position confirmed.
Schedule FA and foreign income filed correctly.
Get a quote
We share a clear quote on WhatsApp after a quick checklist pre-check.
- Fixed quote on WhatsApp after a short look at your facts and documents.
- Government fees, if any, are paid at actuals and shown separately.
| Factor | DIY | Indus Tax |
|---|---|---|
| Expert review | ❌ | ✅ |
| Notice risk reduction | ❌ | ✅ |
| Deduction optimisation | ❌ | ✅ |
| Audit-ready records | ❌ | ✅ |
| AIS/26AS reconciliation | ❌ | ✅ |
Share your facts and deadline. We'll reply with the right checklist and a clear quote.
Fee adjusted against our service fee if you go ahead within 30 days.
- Priority CA Call-backSkip the queue — a CA calls you within 30 minutes.₹255
- RecommendedCA Consultation (30 min)Talk one matter through properly with a CA.₹755
- In-depth CA Review (60 min)Documents reviewed before the call, written action plan after.₹1,155
Call-backs run Mon–Sat, 9 AM–6 PM IST. Booked outside these hours? We call you first thing the next working morning.
Compare the 3 plansFrequently asked questions
Answers to the most common questions we get.
This page also covers
- Foreign property
- Buying, holding and inheriting property abroad.
- Foreign bank account advisory
- Keeping, opening and reporting accounts abroad.
- Inheritance of foreign assets
- Probate, estate-tax checks and Indian reporting.
Official sources
Indus Tax is a private professional services firm and is not affiliated with any government authority. Rules and fees change — we confirm current positions before filing.
