Undisclosed Income Declared Under Income Declaration Scheme 2016: Asset Cost is Fair Market Value as of June 1, 2016.
If undisclosed income in the form of investment in a capital asset is declared under the Income Declaration Scheme, 2016, the cost of acquisition for such an asset is considered to be its fair market value as of June 1, 2016. This provision applies from April 1, 2017.
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