Foreign asset threshold exemption narrows application of black money tax provisions for non-immovable property. Amendment of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 inserts provisos in sections 49 and 50 with effect ... Summary
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Foreign asset threshold exemption narrows application of black money tax provisions for non-immovable property.
Amendment of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 inserts provisos in sections 49 and 50 with effect from 1 October 2024. The provisions in those sections will not apply to an asset or assets, other than immovable property, where the aggregate value does not exceed twenty lakh rupees. The amendment introduces a threshold-based exclusion for specified foreign assets, while immovable property remains outside the exemption.
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