Declaration of undisclosed income permits using indexed stamp duty value to determine fair market value of registered immovable property. Declarants may elect to take the fair market value of a registered immovable property as the stamp duty value increased proportionately by the change in the Cost Inflation Index between the year of registration and the reference year; for properties acquired before the base year, the election operates using the fair market value as of the base date determined by a registered valuer and indexed to the base year index. The rules define stamp duty value and Cost Inflation Index and amend Form-1 to require detailed property particulars, valuation reports, indexed values and disclosures regarding fictitious liabilities and their linkage to disclosed assets.
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.
Declaration of undisclosed income permits using indexed stamp duty value to determine fair market value of registered immovable property.
Declarants may elect to take the fair market value of a registered immovable property as the stamp duty value increased proportionately by the change in the Cost Inflation Index between the year of registration and the reference year; for properties acquired before the base year, the election operates using the fair market value as of the base date determined by a registered valuer and indexed to the base year index. The rules define stamp duty value and Cost Inflation Index and amend Form-1 to require detailed property particulars, valuation reports, indexed values and disclosures regarding fictitious liabilities and their linkage to disclosed assets.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
