HNI wealth · HNI Tax
ITR for HNI: what Schedule AL requires and why it matters
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Facts
Individuals with income above ₹50L must file Schedule AL (Assets and Liabilities) in their ITR. This discloses all assets, immovable property, financial assets, jewellery, vehicles, and liabilities.
Provisions and law
- IT Act, Sec 263 (old 139) | ITR-2/3 Schedule AL
Analysis
What to include: All property at cost of acquisition (not market value). Listed investments at cost. Unlisted equity at cost. Bank deposits balance as of March 31. Gold and jewellery at cost. Loans taken. Why it matters: Schedule AL is now cross-referenced with property registration data, banking data, and MCA filings. Significant discrepancies between listed assets and known transactions trigger notices. Under-reporting assets in Schedule AL is as dangerous as under-reporting income.
Conclusion
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