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Gold can accept as an gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 November 2013 Hi All,
Pls let me know that can i accept Gold as gift from some one who is not in my blood relation
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
10 November 2013 It will be chargeable to tax under sec56(2) as its a movable property.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
10 November 2013 The can gift can be accepted, but in case the value of such "golden gift" from a non-relative exceeds Rs. 50000/- the entire value of the gift has to be considered as income (Income from Other Sources).
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
10 November 2013 agreed with the experts

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