12 January 2014
sir I am in possession of a gold chain approx worth 40 thousand rs but unfortunately I have lost the bill somewhere in the house or during cleaning/shifting to new home.
my query is that in general how ownership of precious articles is affected in absence of proper bill.
can the ownership be challenged by anyone. if yes how will the person in possession will prove its his ?
12 January 2014
I think you must have shown the amount of Gold Ornaments purchased by you in the Balance Sheet. Once the assessment is made it is accepted. If you have the details of purchases then prepare the details and keep in your file or if you want to be more safer then file the wealth tax return by showing the description of the gold ornaments.
CAclubindia
