Get Ready to be More Taxed With Finance Bill 2012
Though the Finance bill is yet to be approved by the Government, tax authorities have already brought out the tax return forms with the above mentioned requirements. These forms are to be notified including a separate schedule wherein the details of foreign assets are to be mentioned.
It also requires the details of bank accounts, financial interest in any entity along with the details of immovable property as well.
Amarpal says, “It is very interesting to note that the wordings used in the Finance Bill or in the tax return 'any asset' is wide enough to cover all assets held by an individual outside India. It should also be noted that they require specific information like peak balance in bank account during the year.”
If you have a separate income from any of your house property (which can be jointly owned as well); then you will have to mention your relevant share in the property along with the name and PAN of your co-owner.
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