Ultra-Rich Must Declare Cost Price of Assets: CBDT

People with annual income of over Rs. 50 lakh will have to disclose the acquisition cost of all assets like land, building and ewellery in the Income-Tax return forms for assessment year 2016-17. The luxury items to be disclosed will also include utensils, apparels and furnitures studded with precious stones and ornaments made of gold, silver, platinum or any other precious metal or alloy. “The amount in respect of assets to be reported will be the cost price of such assets to the assessee,“ the CBDT has said while issuing instructions on the new ITR forms.

The Economic Times New Delhi,05th May 2016

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