property return

Others 204 views 12 replies

kewal kumar

44 Points Posted on 05 May 2018

I am a govt doctor , I want to disclose my property to my employer. 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?

Replies (12)

Tarun Kumar

Chartered Accountant

180 Points Posted on 05 May 2018

You should only disclose your rental income from your property to your employer for tax purposes i.e. TDS and if you can consider your rental income in your return separately then you can skip this also.

All other things you will not require to disclose to your employer.

Let me know for what purpose you are disclosing your property?

kewal kumar

44 Points Posted on 05 May 2018

we have to disclose our property every years to govt in a special performa called property return performa. every govt employee have to disclose his property to his employer (mean govt employer)

Tarun Kumar

Chartered Accountant

180 Points Posted on 05 May 2018

which means you have to disclose as per performa

Just put things require by special performa

kewal kumar

44 Points Posted on 05 May 2018

i these performa , there is table dividing assets into movable and immovable,
in movable they say disclose every thing worth RS 1000 and more,
and in immovable assets they say disclose every property with price values , purchased in name of employee or family members.

Tarun Kumar

Chartered Accountant

180 Points Posted on 05 May 2018

Please attach the performa for better reply.

kewal kumar

44 Points Posted on 05 May 2018

sir, there is no option for attachment in Android mobile app, i will try in computer

kewal kumar

44 Points Posted on 05 May 2018

i have uploaded performa of moveable assets,kindly help

Tarun Kumar

Chartered Accountant

180 Points Posted on 06 May 2018

According to your performa

1. you should provide details regarding moveable assets like Jewellery, Motor Car etc worth exceeding Rs. 1000.

2. you should provide property value with date of purchase, there is no option to segregate your property value

so you can mention direct value of your property without describing in fan and furniture.

kewal kumar

44 Points Posted on 07 May 2018

I purchased gold at different dates , what will I mention in date of purchase

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 07 May 2018

As such they should be declared datewise in different columns.......

But for very old entries, you can declare it at accumulated value as on 01.04.2001.

kewal kumar

44 Points Posted on 07 May 2018

I purchase a new Fridge worth rs25000 in exchange of old fridge worth RS 10000 . what should I declare in this performa . should I mention 2 fridge or any information about exchange or value of both old and new fridge.?

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 07 May 2018

As per your requirements...... I think, you should get valuation certificate from any Governmental Approved valuer. So, no question would arise from any authority.