The valuation report from a registered valuer will not be questioned by the income tax department for disclosures made under the domestic black money compliance scheme, the CBDT clarified on Thursday.
New Delhi: The valuation report from a registered valuer will not be questioned by the income tax department for disclosures made under the domestic black money compliance scheme, the CBDT clarified on Thursday.
"However, the valuer is expected to furnish a true and correct valuation report in accordance with the accepted principles of valuation. In case of any misrepresentation, appropriate action as per law shall be taken against the registered valuer," said the fifth set of Frequently Asked Questions (FAQs).
CBDT had received representations from stakeholders to provide an option to value the immovable property on the basis of the registered value.
"After due consideration of the representations, the Rules have been amended to provide that where acquisition of an immovable property is evidenced by a registered deed, an option shall be available with the declarant to declare the fair market value of such property by applying the cost inflation index to stamp duty value of the property," the FAQs said.
The Income Declaration Scheme, 2016, provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. A four month window till September 30 has been provided for such persons to come clean by paying tax and penalty of 45 per cent of the undisclosed asset.
In suppression to the earlier clarification, CBDT's FAQ said period of holding of asset declared would be based on the actual date of acquisition of such asset.
"However, the indexation benefit in respect of the amount declared under the Scheme shall be available from June 01, 2016 only," it said.