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Government notifies rules for asset evaluation


  • All deposits made in an undisclosed overseas bank account will be clubbed while assets will be valued at fair market price under the new black money law.
  • All overseas income and assets, will be valued in rupee terms.
  • The Black Money  and Imposition of Tax Act, 2015, provides for a tax and penalty of 60 per cent if the foreign assets are disclosed within the compliance window and tax is paid by December 31.
  • After the expiry of window, such persons have to pay tax and penalty of 120 per cent on the undisclosed income or assets held abroad.
  • Commissioner of Income Tax will inform the declarant within October 10 whether the competent authority has any prior information with regard to the assets declared.
  • The declarant may revise his declaration within 15 days of receipt of the intimation.
  • The holders of the assets will have to disclose details of the assets with regard to its location, fair market value and date of acquisition.


  • The rules provide for the format of notices to be send to the persons holding undisclosed assets.
  • The rules also provided a formula for calculating the fair market value of an unquoted equity shares
  • The rules also 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 said in case the person disclosing foreign income does not have a PAN, he or she would be required to apply for it.

Source:The Economic Times

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