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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