Gold tax implication

Querist : Anonymous (Querist) 23 November 2011 This query is : Resolved
Dear experts,
we receive around 200gms of jwellery from my mother's father as a gift.What are the tax implications of it?

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Sailesh Kumar Shah (Expert) 23 November 2011
please state that exactly who was receipt.
and on there was in any occasion ?

Querist : Anonymous (Querist) 23 November 2011
he gave it to my mother. There was not any occasion . He is very old and he has some old Gold jwellery so he decided to distribute among his daughters.

Sailesh Kumar Shah (Expert) 23 November 2011
No tax liability of anyone. It is exempt u/s
Section 56(2)(vii) of the Income Tax Act.

Sankaranarayanan (Expert) 23 November 2011

Any such gifts received from relatives shall not be treated as income.
For the purpose of this, ‘relative’ means : ‐
(a) spouse of the Individual;
(b) brother or sister of the individual;
(c) brother or sister of the spouse of the individual;
(d) brother or sister of the either of the parents of the individual;
(e) any lineal ascendant or descendant of the individual;
(f) any lineal ascendant or descendant of the spouse of the individual;
(g) spouse of the person referred to in clause (ii) to (vi).

Querist : Anonymous (Querist) 23 November 2011
So what is the procedure of doing it legally . what documents do i need to show to the income tax department?

M.Sheik Mohammed Ali (Expert) 23 November 2011
yes, i do agree expert query reply

Sailesh Kumar Shah (Expert) 23 November 2011
what is the problem?

i already answer that no tax liability.

Querist : Anonymous (Querist) 23 November 2011
i want to know that what proof do i need to show that it is a gift and also what will be the value of my capital gain?

Sankaranarayanan (Expert) 23 November 2011
just you have to show in your wealth tax return . and it came by your mothers part.

Querist : Anonymous (Querist) 23 November 2011
does we have to file wealth tax return? I thought wealth tax is only for who have more than a total asset of 5ocrore.
I also wanted to know that in my account book how much capital gain entry should i enter. i mean how much my gold is worth of today. how do i calculate that?

Sankaranarayanan (Expert) 23 November 2011
by the certified assessor by the income tax department, you assess it and get certificate from them . But assess the current value and the old value too.

Sankaranarayanan (Expert) 23 November 2011
Wealth Tax

Wealth tax is imposed @ 1 percent on the value of specified assets held by the taxpayer on the valuation date (31 March 2010) in excess of the basic exemption of INR 3,000,000

Rajeev Kumar (Expert) 23 November 2011
Agree with experts

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