Thank you @pk for answering my question.
I have a couple of things that need more clarity:
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(b) it will also ask for when acquired and when disposed and therefore will determine if it short or long term --- held for longer than 12 months ( for long term and otherwise short-term). It is a tabular entry form and all you do is enter the details of each share . Also note here that unless you instructed the broker otherwise and you are bought shares at different times, the default is First in First out
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In the above statement, you mentioned the details of each share. Do you mean details of each transaction because mutual funds in India are considered long term and short term based on the units of the fund purchased and not the shares within the fund?
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(e) To recognize the taxes paid to India ( not the Held at Source but the final settled amount ), you have to file a form 1116 along with your return
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I have not paid taxes other than the taxes paid at source(TDS). Is the process to get credit for those taxes the same as interest income on bank accounts in foreign countries or is it via form 1116 as you mentioned?
