Poonawalla fincorp
Poonawalla fincorp

Donation of Jewellery

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(Querist)
17 July 2011 Dear Sirs & Friends,

Does Donation of Jewellery attract Tax U/s 56 of the Income Tax Act 1956 or will it attract Income Tax in any of the other sections. Please help me.
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Ravikant

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Ravikant (Expert)
17 July 2011 Gift of Jewellery is taxable in the hands of the recipient if the Fair market value exceeds 50000/-

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