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Jewellery show in balance sheet

Dinesh Chandra Suthar (udaipur) (81 Points)

14 July 2016

a small bussiness of furniture work by individual and he want to show his jewellery in balance sheet of bussiness as investment can it possible ?

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10 Replies

CA Srujann kumar Reddy (Asst Manager(Internal audit)) (1679 Points)
Replied 14 July 2016

it is a proprietor and he can show as investment

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Praveen Tawania (Owner) (369 Points)
Replied 14 July 2016

Yes, u can show your jwellery as a investment in balance sheet.

1 Like

CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 14 July 2016

Yes, it can be shown as investment

1 Like

Aditya Banka (2 Points)
Replied 14 July 2016

what if the same jewellery has been gifted to you by your relative years before ,
will it attract any tax as gift from relative is exempt ??

shabbir chattriwala (student) (30 Points)
Replied 19 July 2016

it will be chargeable to capital gain tax..oNly when the said jwellery will be sold...and no taxability for gift received from Relatives who comes under the defination of Income Tax Act

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Dinesh Chandra Suthar (udaipur) (81 Points)
Replied 27 July 2016

thanks to all for suggest me

srinivas (Accounts Manager) (89 Points)
Replied 27 April 2018

sir, some person showing jewellery (since 15 years) as a part of capital (value of jewellery not shown separately), and put a note about the quantity of jewellery in her ITR.

Please let me know, how to separate the jewellery from capital and how can i show this as investment.

is it better to continue in the same way or better to change the way of presenting in ITR.

Thanking you sir

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Replied 06 June 2023

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