04 October 2019
We are married couples married in year 2007, at the time of marrige we had received 2 kg of gold in different forms as gifts from both of relatives, we can say 1 kg for each ........... now we wanted to sale it and convert it in to money as recent prices of gold is very high. expected income shall be 75 lakhs totally, we can show 50% to each so that it would be 37.5 lakh to each, my query are as below 1. what kind of proof is required to prove to IT department sold jewelry are received in marriage as gift 2. will there be any issue of wealth tax? or we should keep amount less than 30,00,000 lakhs? 3. If we invest money in the capital bond then can we save on capital gain tax kindly advice me
CAclubindia
