CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. India's Affluent Required To Disclose Yacht Ownership

India's Affluent Required To Disclose Yacht Ownership

by Lorys Charalambous, Tax-News.com, Cyprus

18 September 2013


New reporting requirements compelling wealthy Indian taxpayers to disclose details of their yachts and aircraft were introduced ahead of the upcoming individual income tax return deadline of September 30, 2013.

The requirement impacts taxpayers whose annual income exceeds INR2.5m (USD39,000). Additional sections must be completed on forms ITR 3 and 4, requiring the disclosure of asset holdings, in particular of land or buildings, bank deposits, securities, advances received in cash, jewelry, gold, antiques and works of art, and vehicles, including yachts and aircraft.

Taxpayers are required to provide details of the value of items at the time of purchase, rather than their current market value as is the case on wealth tax assessment forms.

The declarations are likely to be used by Indian tax authorities to identify undeclared income, and ensure that wealthy individuals with significant asset holdings pay wealth tax of one percent on wealth exceeding INR3m.

TAGS: individuals | tax | marine | India | Tax

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »