27 March 2016
my grandmother in his custody has a jewellery of 900gm of gold since before independence. She has filed weath tax return on Ay 72-73 on his jewellery,without valuation report.The value of gold jewelry has being shown Rs 16000 approx.Now she want to gift the jewellery to me .please advice me the tax treatment of such gift and also advice me to keep custody of necessary document for it purpose
29 March 2016
As per Income Tax Act, Section 56, Gift received from Relative is exempted and Grandmother is covered under the defination of Relative. So No Tax. Need to prepare the Gift Deed and noterise the same.
31 March 2016
thanks for your reply,please let me know either valuation report of gold to be made and the same valuation to be entered in gift deed or the old valuation as on Ay72-73. please also help me how the same gift will be reflected in Itr 2
04 April 2016
thanks for your reply,please let me know either valuation report of gold to be made and the same valuation to be entered in gift deed or the old valuation as on Ay72-73. please also help me how the same gift will be reflected in Itr 2
05 April 2016
Valuation not required, same valuation as shown in your relative books can be shown in Gift deed. This is capital account transaction hence directly can be added in the Capital.
CAclubindia
