Schedule AL in ITR

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PRIYA (Querist)
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07 February 2024 I have short term capital gains of 20 lacs and long term capital gains of 35 lacs for the current financial year 2023-24. Do I have to fill schedule AL in ITR?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 February 2024 Yes, as total income exceed 50 lacs.

PRIYA

PRIYA (Querist)
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08 February 2024 I have got gold jewelry gifted from my grandparents and parents. Will I have to show that also in schedule AL?

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PRIYA

PRIYA (Querist)
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08 February 2024 I have got gold jewelry gifted from my grandparents and parents. Will I have to show that also in schedule AL?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 February 2024 Yes, show it, gold jewellery has to be shown.

PRIYA

PRIYA (Querist)
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08 February 2024 As the gold jewelry has been gifted by my grandparents, what amount should I show?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 February 2024 Show the current market value.

PRIYA

PRIYA (Querist)
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09 February 2024 The gold jewelry was gifted to me in the year 1990, so can I show it at cost in 1990?

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 February 2024 Declaring assets at cost in Schedule AL overlooks the natural depreciation or appreciation in their value over time. This can lead to an inaccurate representation of an individual's true financial standing.

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Schedule AL in ITR

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