Taking some numbers for example below.
Last year, my bank balance was say 5,00,000 INR = 7843 USD (using exchange rate for 2017 noted in <a rel="nofollow" target="_blank" href="
https://fiscal.treasury.gov/reports-statements/treasury-reporting-rates-exchange/historical.html">ht...)
Interest rate for this fixed deposit amount = 5%
Current balance including interest income = 5,25,000 INR i.e. 7521 USD (using exchange rate for 2018 noted in <a rel="nofollow" target="_blank" href="
https://fiscal.treasury.gov/reports-statements/treasury-reporting-rates-exchange/historical.html">ht...
If I just look at interest deposited by the bank, I made interest income of 25,000 INR i.e 358 USD. Am I supposed to pay tax on this income though overall there is a loss (or) should I just report zero interest income (or) is there a way I can report the loss in this investment and reduce my tax liability from other investments/income I made in US.
