https://www.taxtmi.com/news?id=16527 The Rules under the Income Declaration Scheme, 2016 now allow a declarant whose immovable property acquisition is evidenced by a registered deed to elect to declare the fair market value by applying the cost inflation index to the stamp duty value. The fifth set of FAQs clarifies that fictitious liabilities may be declared without linking to a specific asset, earlier-year declarations may explain related later transactions where a nexus exists, no adverse action will be taken solely for cash deposits made consequent to declarations, and holding period is based on actual acquisition date. en-us Fri, 19 Aug 2016 11:28:01 +0530 Fri, 19 Aug 2016 11:28:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16527 The Rules under the Income Declaration Scheme, 2016 now allow a declarant whose immovable property acquisition is evidenced by a registered deed to elect to declare the fair market value by applying the cost inflation index to the stamp duty value. The fifth set of FAQs clarifies that fictitious liabilities may be declared without linking to a specific asset, earlier-year declarations may explain related later transactions where a nexus exists, no adverse action will be taken solely for cash deposits made consequent to declarations, and holding period is based on actual acquisition date. News - Fri, 19 Aug 2016 11:28:01 +0530 https://www.taxtmi.com/news?id=16527