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If any undisclosed income [in the form of investment in capital asset] is declared under Income Declaration Scheme, 2016, then what should be the cost of acquisition of such capital asset?

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Deemed cost of acquisition under income declaration scheme: fair market value at declaration date treated as acquisition cost. Cost of acquisition for a capital asset disclosed under the Income Declaration Scheme, 2016 is the fair market value of the asset as on 1 June 2016 used for the scheme's declaration, and that value is deemed to be the acquisition cost for computing capital gains.

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Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.

Provisions expressly mentioned in the judgment/order text.

Deemed cost of acquisition under income declaration scheme: fair market value at declaration date treated as acquisition cost.

Cost of acquisition for a capital asset disclosed under the Income Declaration Scheme, 2016 is the fair market value of the asset as on 1 June 2016 used for the scheme's declaration, and that value is deemed to be the acquisition cost for computing capital gains.

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If any undisclosed income [in the form of investment in capital asset] is declared under Income Declaration Scheme, 2016, then what should be the cost of acquisition of such capital asset?

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If any undisclosed income [in the form of investment in capital asset] is declared under Income Declaration Scheme, 2016, then what should be the cost of acquisition of such capital asset?

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Deemed cost of acquisition under income declaration scheme: fair market value at declaration date treated as acquisition cost.

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