On What price to show jewellary in ITR
This query is : Resolved
19 April 2020
Dear Sir/Mam,
My wife have some jewellary. I want to know, on what price jewellary to be shown under assets in ITR as on 31st March 2020 ? Is it purchase price or market price ?
Please clear it.
Thanks
My wife have some jewellary. I want to know, on what price jewellary to be shown under assets in ITR as on 31st March 2020 ? Is it purchase price or market price ?
Please clear it.
Thanks
19 April 2020
Show it in purchase price.
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19 April 2020
Sir, what if the same has been received her on wedding. Then, Will it be reflected on ITR ?
19 April 2020
No need to reflect such gifts in ITR unless you earn 50 lacs income.
Message likes :
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19 April 2020
It has to be shown at cost price. We always record assets at cost price i.e. historical cost
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