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Tuesday, May 10, 2016

New ITR forms: Ultra-Rich Must Declare Cost Price of Assets in assessment year 2016-17


By on Tuesday, May 10, 2016

New ITR forms: Ultra-Rich Must Declare Cost Price of Assets in assessment year 2016-17

Rich people with annual income of over Rs. 50 lac will have to disclose the acquisition cost of all assets such as land, building  and jewellery in the Income-Tax return forms for assessment year 2016-17.

The luxury items to be disclosed will also include utensils, apparels and furnitures studded with precious stones and ornaments made of gold, silver, platinum or /  any other precious metal or / alloy.

 “The amount in respect of assets to be reported will be the cost price of such assets to the assessee,“ the CBDT has said while issuing instructions on the new ITR forms.

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