Income declaration scheme

CA Amrita Chattopadhyay (Audit & Assurance) (13029 Points)

19 August 2016  

Rules under Income Declaration Scheme, 2016 relating to provide an option to value immovable property on basis of registered value amended. Rules amended that where acquisition of immovable property is evidenced by a registered deed, an option shall be available with declarant. Now the declarant has the option to declare fair market value of such property by applying cost inflation index to stamp duty value of the property.