Income Tax Act, 1961 (sec.56)
Dev Prajapati (4 Points)
24 April 2019
Is wrist watch excluded from definition of Gift received u/s 56 in Income Tax Act, 1961 in India?
3 Replies
Poojan Mehta
(23 Points)
Replied 24 April 2019
if the watch is made up of high value metal like gold or silver then it falls in the definition of jewellery and is included in the definition of gift. however, if it is purely a watch then yes it's excluded. This is my understanding
Madhvi kashyapa
(student)
(290 Points)
Replied 24 April 2019
No, if personal effect..
But included under jewelry if made from precious metal.
SHARE MONEY
(9 Points)
Replied 24 April 2019
it's not precious metal...jewellery is that made out of pressure and semi-pressure metal
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