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What is High Value Transactions ?

 What is High Value Transactions ?

High Value Transactions
High value transactions need to be updated to the Income Tax department by the entity with which you carry out such a transaction. This is in order to ensure taxes are levied as required on each of these transactions in a timely manner. Failure to do so is an invitation for a tax notice.

What qualifies as a high value transaction?

  • Cash deposits in a bank worth Rs 10 lakh or more in a year
  • Credit card purchases of Rs 2 lakh or more
  • Mutual fund investments for Rs 2 lakh or more
  • Purchase of bonds and debentures worth Rs 5 lakh or more in a year
  • Sale or purchase of property worth Rs 30 lakh or more

 Non-disclosure of assets for wealth tax
If you own assets whose net value is over Rs.30 Lakhs, you are liable to pay wealth tax at the rate of 1% of the amount that is above the Rs.30 Lakhs limit. If you do disclose such assets that you own or do not pay taxes on them, there is a good chance that you might receive an IT notice.

Assets can include anything from land, second homes, cars, yachts, gold jewellery, antiques, art etc. If you are unsure about the exact value of the assets you own, you can approach government approved valuers for this purpose.

 What is High Value Transactions ?

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