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Wealth/Gift

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(Querist)
21 March 2008 My wife has recieved ornaments as gift from my father , will the ornament be clubbed to my fathers wealth?
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Jitender

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Jitender (Expert)
21 March 2008 it will be included in the net wealth of ur father u/s 4(1)(a)(v) of weaith tax act
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Sachin

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Sachin (Querist)
24 March 2008 I have recieved this gift at the time of marriage , since gift at the time of marriage are exempt , will it still be clubbed to my fathers wealth



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Sanjeev Kumar Sharma

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Sanjeev Kumar Sharma (Expert)
03 April 2008 mr. sachin gift at the time of marriage are exempt in income tax act not welath tax act so it will be clubbed in the wealth of father.

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