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Lower tax on property via revised declaration

Amendments to Income Declaration Scheme allow property value to be calculated from date of acquisition

Priya Nair 

Tax payers who have declared immovable property can now revise it under the Income Declaration Scheme ('IDS) even if the revised value is lower than the original declared value. The Central Board of Direct Taxes (CBDT) clarified this amendment last week in the latest round of Frequently Asked Questions (FAQs) on the Scheme issued.

The CBDT recently amended the rule for the valuation of immovable property under the IDS. According to the earlier rule, if you declared immovable property under the IDS, you were required to get the immovable property valued as on June 1, 2016. But now ...

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First Published: Tue, August 23 2016. 23:23 IST