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Income Declaration Scheme (Third Amendment) Rules, 2016​


 Notice Date : 17 August 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

CENTRAL BOARD OF DIRECT TAXES

New Delhi, the 17th August, 2016

NOTIFICATION

S.O._______- In exercise of the powers conferred by sub-section (1) and subsection (2) of section 199 of the Finance Act, 2016 (28 of 2016), the Central Board of Direct Taxes, makes the following rules further to amend the Income Declaration Scheme Rules, 2016 (hereinafter referred to as the principal rules) namely:-

1. (1) These rules may be called the Income Declaration Scheme (Third Amendment) Rules, 2016.

(2) These rules shall come into force from the date of their publication in the Official Gazette. 2. In the principal rules, in rule 3, in sub-rule (1), in clause (d), after sub-clause (II) following shall be inserted, namely:-

‘Provided that where the acquisition of immovable property by the declarant is evidenced by a deed registered with any authority of a State Government, the fair market value of such property shall, at the option of the declarant, may be taken on the stamp duty value as increased by the same proportion as Cost Inflation Index for the year 2016-17 bears to the Cost Inflation Index for the year in which the property was registered:

Provided further that where the immovable property was acquired before the 1st day of April, 1981, the provisions of the first proviso shall have effect as if for the words “stamp duty value”, the words “the fair market value of the property as on 1st day of April, 1981 on the basis of the valuation report obtained by the declarant from a registered valuer”, and for the words “Cost Inflation Index for the year in which the property was registered”, the words “Cost Inflation Index for the year 1981-82” had been substituted.

Explanation- For the purposes of this clause,-

(i) “stamp duty value” means the value adopted or assessed by any authority of the State Government for the purposes of payment of stamp duty in respect of an immovable property; (ii) “Cost Inflation Index” means such index as notified under clause (v) of Explanation to section 48 of the Income-tax Act, 1961.’.

Please refer to the attached file for details

 

Guest
on 19 August 2016
Notification No : 74/2016
Published in Income Tax
Source : , https://www.caclubindia.com/notice_circulars/files/322600_6969_notification742016.pdf
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