New Delhi: Persons who have earned money through corrupt practices cannot take advantage of the domestic black money disclosure scheme, says the Finance Ministry's FAQ on Income Declaration Scheme issued on Friday.
The 14-Frequently Asked Questions (FAQs) further said declarations made will remain confidential as in the case of return of income filed by an assessee.
The declarant, it further said, will be liable for capital gains tax on sale of such assets in future.
On a question whether a person can declare undisclosed income which has been acquired from money earned through corruption, the FAQ said "No".
The scheme will not apply in relation to prosecution of any offense punishable under the Prevention of Corruption Act, 1988.
"Therefore, declaration of such undisclosed income cannotbe made under the scheme," it said, adding such declaration will amount to misrepresentation of facts and hence void.
As per the FAQ, if a declaration is held as void, the provisions of the Income-tax Act will apply in respect of such income as they apply in relation to any other undisclosed income.
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