How to disclose Asset and Liability for income exceeding Rs 50 Lakhs: ITR 3

How to disclose Asset and Liability for income exceeding Rs 50 Lakhs: ITR 3

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How to disclose Asset and Liability for income exceeding Rs 50 Lakhs: ITR 3

In ITR 3 there is requirement to disclose Asset and Liability other than those mentioned in Part A-BS of ITR 3 at the end of year for income exceeding Rs 50 Lakhs.

Now the question arises is what value of jewellery is to be disclosed whether cost of acquisition or market value in case of inherited jewellery?

In order to comply with the requirement of disclosing one can disclose the market value as on April 1, 2001 as this is acceptable as cost for capital gains calculation purposes.

Thus in case of inherited jewellery one can indicate cost of acquisition as market value on April 1 , 2001 to be disclosed in ITR 3.

 


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