Schedule AL Asset Calculator
If your income crossed fifty lakh rupees, your tax return has a section listing what you own. Add it up here.
Remember: Schedule AL asks what you paid, not what it is worth today. Enter costs.
The one thing to get right
Schedule AL asks for cost, not current market value. What you paid, not what it is worth today.
This is the opposite of a capital gains valuation, and it is the mistake we correct most often. If you enter today's market value here, your return says something you did not intend.
Who has to fill this in
Anyone whose total income for the year is above fifty lakh rupees. Below that, this section does not apply to you at all.
Does declaring assets mean extra tax?
No. Nothing is charged because of what you list here. It is a disclosure, so the department can see the shape of your finances. Wealth tax was abolished years ago.
What to do about old assets you cannot cost
This is where people get stuck. If you inherited a house and nobody knows what your father paid in 1979, you still have to put a figure in.
The answer is to reconstruct a supportable cost from the records that do exist, and to note the basis so it can be explained if anyone asks. That is exactly the kind of thing a valuer does. More about how we handle it.
Questions people ask us
- Cost or market value? I keep getting told both.
Cost. Every time, for Schedule AL. Market value belongs in a capital gains valuation when you sell.
- I have no idea what my inherited flat cost.
Very common. A valuer can reconstruct a defensible figure from sub registrar records and old notified rates, and note how it was arrived at.
- Do I have to redo this every year?
Cost figures do not change year to year, so once established they carry forward. You update it when you buy or sell something.