Tax, penalty to be levied at market price under black money law

July 03, 2015 18:37

Undisclosed overseas assets such as immovable property, jewellery, shares and art works will be valued at fair market price for the purpose of tax and penalty under the new black money law.

Besides, the value of an overseas bank account will be the sum of all deposits made in the account since its opening, the Tax Department said today while announcing rules for the new law that has come into force with effect from July 1.

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