BLACK MONEY RULES NOTIFIED
The Union government has notified the rules under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act.
Details of the Notified Rules:
All deposits made in an undisclosed overseas bank account since opening will be clubbed while assets like immovable property, shares and jewellery will be valued at fair market price for levy of tax and penalty under the new black money law.
All overseas income and assets, including the ones voluntarily declared within the 90-day compliance window ending September 30, will be valued in rupee terms.
The fair market value of assets like bullion, jewellery or precious stone, immovable property, drawings, paintings, archaeological collections, and sculptures or work of art, will be “its cost of acquisition” or the price that the asset “shall ordinarily fetch if sold in the open market on the valuation date”, whichever is higher.
As per the rules, for shares and securities, the fair market value will be the higher of the cost of acquisition or average of the lowest and highest price on the date of valuation.
The rules also provide a formula for calculating the fair market value of an unquoted equity shares and provided a methodology for calculating the interest of a person in a partnership firm, association of persons or Limited Liability Partnership (LLP).
The rules also say that in case the person disclosing foreign income does not have a PAN, he or she would be required to apply for it.
All overseas income and assets, including the ones voluntarily declared within the 90-day compliance window ending September 30, will be valued in rupee terms.
The fair market value of assets like bullion, jewellery or precious stone, immovable property, drawings, paintings, archaeological collections, and sculptures or work of art, will be “its cost of acquisition” or the price that the asset “shall ordinarily fetch if sold in the open market on the valuation date”, whichever is higher.
As per the rules, for shares and securities, the fair market value will be the higher of the cost of acquisition or average of the lowest and highest price on the date of valuation.
The rules also provide a formula for calculating the fair market value of an unquoted equity shares and provided a methodology for calculating the interest of a person in a partnership firm, association of persons or Limited Liability Partnership (LLP).
The rules also say that in case the person disclosing foreign income does not have a PAN, he or she would be required to apply for it.
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