Disclosure of value of jewellery in itr2 a y 2018-19
This query is : Resolved
05 June 2018
Suppose an individual having income more than Rs,. 50 Lacs during the financial year 2017-18. As per the provisions of I T law, Assessee has to disclose the value of assets and liability thereon including jewellery. Such assessee not prepares the balance sheet and having certain personal jewellery. So how to determine the value of such jewellery to disclose in ITR 2 for A Y 2018-19. Whether cost can be taken as base for disclosure.. Further if In the next assessment year, assessee has income less than Rs. 50 lacs, then what be tax implications for non disclosure Kindly advise.
05 June 2018
you can disclose the values at cost...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
