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its urgent!!!!

annapurna (articleship) (134 Points)

28 March 2011

while preparing an individual's balancesheet under which head should jwellery be taken?

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@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 28 March 2011

as per my knowledge it will come under investment...

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annapurna (articleship) (134 Points)
Replied 28 March 2011

so u mean a stri dhan (personal effect) are investments..

is there any AS or IFRS consisting this accounting and tax treatment of jwellery

Aswini Pradhan (Articled Assistant) (28 Points)
Replied 01 April 2011

Hi Dear

As per AS-10 on ur head only

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 01 April 2011

if you are not in business of jewellary then its "fixed assets"

CA Shiv (Business Controller) (2987 Points)
Replied 01 April 2011

you can show it as Fixed asset of as Investment.. And even if u dont show than also its ok.....

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U S Sharma (glidor@gmail.com) (21063 Points)
Replied 01 April 2011

personal effects in form of precious goods only, which are used to encashed at later part in life, are shown in balance sheet, though it does not matter if not shown, but if encashed in urgency then it may get taxed without any benefit of capital gain, so recorded effects are always better.