Monday, August 29, 2016

Determination value of the Assets

The Cost of acquisition of assets or Fair Market value of the asset declared by the registered valuer as on 01.06.2016, whichever is higher, shall be deemed to be the undisclosed income.

Rule 3 of this scheme overrides Section 43CA and 50C of the IT act. The value of property shall be computed as per Rule 3 even if it is lower than the value adopted by stamp valuation authority.

It is necessary for the declarant to obtain the valuation report but it is not mandatory for him/her to attach the same in Form 1.

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