Annual income of INR 50 lakh to attract disclosure of asset acquisition cost
Q. People with annual income above INR 50 lakh will have to disclose acquisition cost of assets such as ____________.- Published on 05 May 16a. Land
b. Building
c. Jewellery
d. Only a and b
e. All of the above
ANSWER: All of the above
Persons with annual income of over INR 50 lakhs will have to disclose acquisition cost of assets like land, building and jewellery in the IT return forms for assessment year 2016-2017
- Luxury items disclosed will also include silver, gold, platinum or other precious alloys or metals, according to a CBDT announcement
- As per the directives, for items received as gifts, the assessed will have to declare the cost of acquisition by the previous owner along with value additions
- Where the cost at which assets are acquired by the previous owner is not ascertainable and no wealth tax return may be filed, value estimated should be at circle or bullion rate
