Disclosing the property, land and gold jewellery for income > 50L

Hi,
 I am Srinivas. This year tax filing has declaration sheet for Immovable property, bank balance and God jewellery disclosures mandatory for tax payers whose income above 50 L.

In this regard, my query is, do we need to provide details of cost price of Property [immovable] + Gold jewellery or the current market price.
What is the implications of wealth tax and other taxes after declaring the details. I have taken Housing loan and it is cleared now.
Any other tax implications on this, please help me here.

Please send me an email v_srinivasarao@yahoo.com

Thanks in advance
Srinivas
Asked 1 year ago in Income Tax from Bangalore, Karnataka
Dear Sir,

1. The assets and liabilities needs to be disclosed at cost.  

2. With respect to the tax implication, one of the implication could be that the source of asset can be asked for at the time of Assessment. This is just a tool to check that your assets are by and large in proportion to your income.

Please feel free to revert/call in case of any doubts.

Thanks and Regards,
CA Abhishek Dugar
caabhishekdugar@gmail.com
Abhishek Dugar
CA, Mumbai
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you need to provide cost price of immovable properties, Gold and Jewellery.


From this year wealth tax is abolished.

In the form Housing loan as on 31-03-2016 shall also be declared.
Shyam Sunder Modani
CA, Hyderabad
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Hello Sir,

All your Assets should be declared at Cost.

All your liabilities in context of procuring the Assets should be declared if outstanding as on 31st March 2016.

Trust this clarifies your query. 

Feel free to call back/ get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Rohit R Sharma
CA, Mumbai
1542 Answers
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