Gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 January 2012 I have recieved gift from my grand parent and parent in form of gold Jewellery . Can anyone suggest me the ways to disclose the same for Income Tax purpose.
Secondly, i am selling the ornaments for buying a flat , Do i need to pay Capital Gain Tax ?
Is there any format , to recieve the gift in form of Gold Jewellery ?

Prof. Bajaj

Prof. Bajaj (Expert)
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03 February 2012 If you have received the Jewellery from your parents and grand parents, then you can easily show them in your ITR. You will have no tax liability for the gift received.

However, if you are selling the jewellery before completion of 3 years from the date of buying, then it will be added to your normal income. If you are selling after completion of 3 years, then you need to compute LTCG after indexation and pay 20% tax on gains.

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2012 Thanks sir.

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