GIFT

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CA SONI KRUNAL (Querist)
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18 October 2010 Whether jewelery is movable assets or immovable assets ?

what will be the effects if i give gift of jewelery to non-relative person of less than 50000 rs?

Pankaj Jhawar

Pankaj Jhawar (Expert)
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19 October 2010 Its an movable asset.

If the amount is less than 50,000 there is no tax implication

venkatraman shrinivas

venkatraman shrinivas (Expert)
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19 October 2010 Jewellery would constitute movable asset. If the value of gifted jewellery, to a non relative is below Rs.50,000, then, it would not attract inclusion in the total income tax in the hands of donee under section 56(2)

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