NEW DELHI: Capital gains tax on future sale of immovable property disclosed under the black money disclosure scheme will be levied from date of its acquisition, while for other assets, it will be computed from June 1, the day the scheme became operational, CBDT today said.
The Central Board of Direct Taxes (CBDT) issued the clarification a day after it released the fifth set of frequently asked questions (FAQs) containing answers to 12 questions on the Income Declaration Scheme (IDS).
The FAQs were issued considering the fact that investment in an immovable property may be funded partially from undisclosed and disclosed sources.
In such cases, if the property is sold in near future, gains from part of the property may be long term and the balance may be short term. This would have caused undue hardship to the declarant. (AGENCIES)
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