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May 05, 2016
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Ultra-rich must declare cost price of expensive assets: CBDT
People with annual income of over Rs 50 lakh will have to disclose the acquisition cost of all the assets like land, building and jewellery in the Income Tax return forms for assessment year 2016-17.
The luxury items to be disclosed will also include utensils, apparels and furnitures studded with precious stones and ornaments made of gold, silver, platinum or any other precious metal or alloy.
Source -
http://economictimes.indiatimes.com
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