Friday, August 19, 2016

Income scheme rules on property value amended

The Centre has amended the rules of the Income Declaration Scheme to allow declarers to peg the value of their property to the stamp duty value of the property, incorporating inflation into the valuation, following representations made to it.

“After due consideration of the representations, the Rules have been amended to provide that where acquisition of an immovable property is evidenced by a registered deed, an option shall be available with the declarant to declare the fair market value of such property by applying the cost inflation index to stamp duty value of the property,” according to a government statement.

The latest edition of Frequently Asked Questions on the Scheme said, “Where loans, creditors, advances received, share capital, payables etc. are disclosed in the audited balance sheet but are fictitious in nature and cannot be directly linked to acquisition of a particular asset, then such fictitious liabilities can be disclosed under the Scheme as such.”

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