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
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Regarding TDS Applicability For Director Remuneration
- Value of property in capital gain
- Multiple trade mark
- Regarding appeal to GSTAT
- Copyright software
- LC charges in relation to Asset purchased should be Capitalised ?
- Transporter Declaration form
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Taxation on Swing Trading Income (No Other Income)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- 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
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
