The Central Board of Direct Taxes (CBDT) issued the clarification a day after it released the fifth set of frequently asked questions (FAQs) containing answers to 12 questions on the Income Declaration Scheme (IDS).
The FAQs were issued considering the fact that investment in an immovable property may be funded partially from undisclosed and disclosed sources.
"Answer number 4 of the said FAQ shall only be applicable for determining holding period of an immovable property for which the date of acquisition is evidenced by a deed registered with any authority of the state government," it said.
"However, for assets other than immovable property declared under the scheme, the holding period shall start from June 1, 2016, for purpose of computation of capital gains."
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CBDT said clarification was sought if the answer number 4 of the fifth set of FAQs will apply to all assets declared under the scheme or it is limited to only immovable property.
"The clarification issued relates only to determination of holding period of immovable property," it said.
There is an option with the declarant to declare the fair market value of immovable property by applying the cost inflation index to stamp duty value of the property.