You are here: Home » PF » Features » Tax
Business Standard

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 ...

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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