Income tax
This query is : Resolved
09 February 2013
mother has expired now his daughter is receiving her mother gold jwellery what type of legal document she has to make for income tax purpose will the gold jwellry value will be reflected in her personel capital a/c & balance sheet any tax will be levyed please advice as i have to file her income tax return
09 February 2013
Hi Yagnesh,
In your case two situations are possible, if the mother had left will which describe the gold jewellery will belong to her daughter, then such will be termed as sufficient evidence and such daughter can show such jewellery as increment in the capital account on the current market value of the date of acquisition by her.
Other situation is when the mother has not left the will, then such daughter need to make an advertisement in the newspaper claiming that particular jewellery has been left by my mother and i m inheriting such jewellery, if any body has any objection then contact to us. Such copy of Newspaper is an sufficient evidence for the income tax purpose that she has inherited such jewellery from her mother.
Therefore in case of inheritance, the capital gains has been exempted.
In your case two situations are possible, if the mother had left will which describe the gold jewellery will belong to her daughter, then such will be termed as sufficient evidence and such daughter can show such jewellery as increment in the capital account on the current market value of the date of acquisition by her.
Other situation is when the mother has not left the will, then such daughter need to make an advertisement in the newspaper claiming that particular jewellery has been left by my mother and i m inheriting such jewellery, if any body has any objection then contact to us. Such copy of Newspaper is an sufficient evidence for the income tax purpose that she has inherited such jewellery from her mother.
Therefore in case of inheritance, the capital gains has been exempted.
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