I am a govt doctor , I have to disclose my property to govt every year in a special performa called property return performa which state every item above RS 1000 to be disclosed except crockery cloths books, so I need help.
Q1) should I disclose every furniture separately with separate price values,like sofa set,chair set, furniture shelves installed in living room and kitchen?
Q2)should I have to disclose marble floor installed (with price values )in my house last year, but house purchased 3 years back which has been previously disclosed to govt with price values.?
Q3)should I have to disclose a minor renovation done in my home costing about 50-70000 RS. ?
Q4)how do the income tax officer calculate the value of property I have occupied?
Q5) should I have to disclose type of celing fans fitted in my house or replaced any fan with new one
Q6) should I have to disclose values of my phone's ?if I sell one phone and purchase a new one then how to disclose that.
Q7) should I have to disclose a laptop bag worth rs4500?
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i need help of a CA
Replies (9)
1. It can be declared in aggregate...... like House hold Furniture.....
2. No. Its revenue expenditure.
3. No. it doesn't add any value to asset already declared.
4. Based on your Balance sheet. (moreover this declaration is not for ITD)
5. 6. & 7. No.
sir if we construct two more room in previously constructed house,, the value changes from 15lacs to 20 lacs , then should I disclose about renovation done,,
2nd if I purchase fancy carpet and fancy fans for installing in rooms costing about 1.5 lacs , then should I have to disclose about this purchase.?
2nd if I purchase fancy carpet and fancy fans for installing in rooms costing about 1.5 lacs , then should I have to disclose about this purchase.?
1. Yes.
2. May increase the valuation of 'Household Furniture'.
last question sir, will steel almirah come under household furniture?
No.
Generally fixed furnitures and fittings are considered under it.
Secondly, as per IT act, personal effects are not treated as assets.
sir please , have a look on this attachment. this performa was given by our govt department to be filled by us.
There is note written on lower part of performa saying that infoprmation may be given regarding items like :-
a)jewellery owned by him/her total value
b)silver and other precious metals and precious stones owned by him/her note forming part of jewellery.
c) motor cars
d)scooter/motor cycles
e ) refrigerators/airconditioners
f ) radio/radiograms/television sets
g) and any other articles, the values of which individually exceeds rs 1000
h) values of items pf mavable property individually worth less then rs 1000 other then articles of daily use such as clothes. utensils, books, crockery, etc added togather as lumpsum.
can you please guide me about point number g) ?
Any other articles (movable assets), the values of which individually exceeds rs 1000................ Paintings, Handicrafts, Articles having archaeological value, scriptttures or idols, instuments like Piano, Ammunitions like Gun, Decoratives like Mr. Modi's auctioned coat, Sachin's Bat, Gems studded Watch, Live cattles like Horses, cows etc......etc.......
For your reference ::: Nil assets declared in the asset class......By Honourable Ministers......
1. pmindia.gov.in//2015/Minister-of-Health-Family-Welfare
2. pmindia.gov.in/2015/-MoS-for-Commerce-Industry.
thank you sir
Most Welcome......
Thanks CAclubIndia.........
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