declaration of assets

dear first male me clear that why do you wanaa disclose assest to it dept.

dear tarun

it is not the case with me but one of our executives queried me. moreover u can also say it is to enhance my knowledge....................

Dear Shuvo,

Assets are generally disclosed under "Wealth Tax" {But under wealth tax "Nil" or "Voluntary retuen" is treated as Invalid}

"Income tax" as its name suggest is a mode to disclose "Income" & not properties. However immovable property i:e House gets disclosed in an indirect way through "Income from House Property" {Here u can file "Nil" return}

thnkx amir,

thn when sud one must file a declarataion under the wealth tax act?

dear shuvro

i think amir bhai is right

in the case of sale and purchase of immovable property valued at rs.30lacs or more then registrar ia liable to give details of ur property to income tax dept. and as said by amir bhai there is no direct way to disclose property to income tax dept under income tax law

Originally posted by : Amir
	Dear Shuvo, Assets are generally disclosed under "Wealth Tax" {But under wealth tax "Nil" or "Voluntary retuen" is treated as Invalid} "Income tax" as its name suggest is a mode to disclose "Income" & not properties. However immovable property i:e House gets disclosed in an indirect way through "Income from House Property" {Here u can file "Nil" return}

 thanks Mr Amir for the reply