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of <h1>Benefits under Chapter apply only to declarant; unpaid declaration taxes asset in prior year; Section 10 fixes acquisition year</h1> For removal of doubts, the provision clarifies that benefits, concessions or immunities under this Chapter apply only to the person who files the declaration, except as expressly provided elsewhere; if a declaration under the Chapter is made but tax and penalty are not paid within the specified time, the asset's value is taxable in the previous year when the declaration was made; and any asset acquired or created before the Act's commencement but not declared under the Chapter will be treated as acquired or created in the year a notice under section 10 is issued, with the Act's provisions applying accordingly.
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