LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

declaration of money & jewellery brought from pakistan

Abhinav (Chartered Accountant) (30 Points)

24 May 2010

Dear All please provide text of following notification :-

Declaration of Money and Jewellery brought from Pakistan under Notification No. 73/16/68/IT/A.II dated 3.2.1969 of the Ministry of Finance (Deptt of Revenue and Insurance) New Delhi

Reply
Follow
Share

3 Replies

sai CA Final (Article) (39 Points)
Replied 24 May 2010

Dear Abhinav,

"SECTION 68--LETTER NO. F. NO. 73/16/68-IT (A-II), DATED 3-2-1969

Assessees migrating from West Pakistan--Claims for transfer of moneys/assets to be accepted upto a limit of Rs. 50,000 subject to certain conditions

In order to avoid inconvenience to persons migrating from West Pakistan to India after 1-10-1965 in their income-tax assessments in India, the CBDT have issued instructions to the Income Tax Department that such persons need not be required to produce documentary evidence in support of their claim for the transfer of moneys and the personal jewellery brought by them and by their families from West Pakistan, if the following conditions are satisfied, viz. :

(i) that the persons concerned had sufficient resources in West Pakistan to which the moneys/personal jewellery brought to India could be reasonably attributed;

(ii) that an intimation about the moneys/personal jewellery brought over by such person and all his family members and the date(s) of their introduction in the books of account, has been given to the concerned Income Tax Officer within two months of the date of his/her arrival in India, and in the case of persons who have already migrated to India, by 31-3-1969;

(iii) the aggregate value of the cash and/or personal jewellery brought by the migrant and the members of his family does not exceed Rs. 50,000.

2. However, where the amount of moneys/value of jewellery brought into India, exceeds Rs. 50,000 or where the person had some sources of income either in India or in any foreign country other than West Pakistan, prior to migration, or where he/she was assessed as resident in India either for the assessment year preceding the year in which he/she migrated or for earlier years, he/she will be required to produce adequate evidence, like any other assessee, to reasonably satisfy the Income Tax Officer that he/she had sufficient resources in West Pakistan to cover such money/personal jewellery."

With regards,

Sai(CA Final)