Kaival Mehta (CA student) (120 Points)
29 May 2010hi,
i have question for you,
one of my client (woman) wants to start filling her return of income from this year. She is married, and she has received some gold ornament and other valuable assets on the occasion of her marriage. Now is it advisable to take that assets in her first return?
can it create any problem later on?
Jagdish Bhalia
(Practicing CA)
(453 Points)
Replied 29 May 2010
It is better to show in Income tax return. Gift received at the time of marriage is exempt from tax.
Kumar
(Article)
(922 Points)
Replied 30 May 2010
agreed with Jagdish.........
it will create more trouble if it is shown latter..........
And if u show them as purchase in that year u will be blocking the money and may even find ur self in trouble if proof of purchase is asked for..... so better show in the 1st return it self
CAclubindia
