Schedule FA
The part of an Indian income tax return where a resident lists assets held abroad, including property such as a Dubai apartment, every year they are owned.
What Schedule FA means for a buyer
Schedule FA (foreign assets) is the schedule of the Indian income tax return in which a resident reports assets held outside India, including immovable property such as a home in Dubai. Income from those assets, such as rent, is reported in Schedule FSI (foreign source income). A CBDT press release of November 2024 describes Schedule FA and FSI reporting as mandatory under the Black Money Act.
The penalty for not reporting is significant. Under section 42 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, failing to report a foreign asset can lead to a penalty of ₹10 lakh, and section 43 imposes the same for inaccurate particulars. The exemption for non-immovable assets worth up to ₹20 lakh does not cover property. The CBDT ran compliance campaigns on foreign assets in November 2024 and November 2025.
Related terms
Guides that use this term
Where Schedule FA comes up in practice, with the costs, rules and steps around it.
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