Value of gold
This query is : Open
29 December 2016
hello expert
if I have received gold on my own marriage from my father mother etc.
what will be value of such gold?
either current market value or cost to previous owner?
29 December 2016
If u r asking regarding taxability, then I'll say that marriage gifts are fully exempted from tax. Still u wanna know the value then u may ask any gold smith or alike person.
29 December 2016
I want to show gold in my balance sheet, what will be value?
marriage gift are not taxable in hands of person who give that.. but when receiver sale that property than it will be taxable .
am I right
29 December 2016
If u wanna show it in ur balance sheet then transfer it to ur capital account, and show accordingly in balance sheet. In ITR u may show it under exempted income sheet, like dividend etc. column. Better to make a gift deed regarding that gift. Yes the sale proceeds of that income is taxable. Akshay let me tell u one thing that taxability arises when an assessee is receipt of any such income or like that. So taxability will lies in hands of receiver and not provider.
29 December 2016
what amount should I consider while transferring into capital account?
fmv or nominal value or cost to previous owner?
02 January 2017
is there any mandatory requirements for showing such income in itr?
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