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Repatriated my foreign CD but lost 30% of the principal due to foreign exchange conversion during repatriation (rupee to $). How to claim a loss on this investment?
Opened foreign CD in 2015 initial investment is $10000 which is converted to foreign currency (50 rupees per 1 USD). So, it is 500000Rupees.
Been paying tax for yearly interest after converting the earned interest into $.
Repatriated in 2017 but only got back $9000 after converting the rupees back into dollars.
With above example, how can one show the loss of $1000? Also, the yearly interest (for which tax is being paid annually) is already included in the $9000.
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‎June 1, 2019
12:38 PM