Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Salary aboce 50 Lakhs

Amish Maknojia (Student) (507 Points)

30 October 2018

hi
one of client is having income from salary exceeding 50lakhs. So asset disclosure is required in ITR 2. However he doesn't know the cost of the asset like jewellery and ornaments . How should I disclose such asset

Reply
Follow
Share

3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 30 October 2018

FMV as on 31st March ...

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Amish Maknojia (Student) (507 Points)
Replied 30 October 2018

but usually we have to disclose the asset at cost and not FMV right?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 30 October 2018

Yes....

But when the details are not available, the alternative is (as per instructions) .....

"The amount in respect of assets to be reported will be:-
(a) the cost price of such asset to the assessee; or
(b) where wealth-tax return was filed by the assessee and the asset was forming part of the wealth-tax return, the value of such asset as per the latest wealth-tax return in which it was disclosed as increased by the cost of improvement incurred after such date, if any......"

2 Like