Hi All,
I want to know that if there a jeweller and he wishes to include his wife's and his personel gold into his firm's stock, what is the legal way to include this gold in his firm's stock. As per Indian Law a man can possess upto 300 gm unaccounted jewellery(correct me if I am wrong) and similarly a woman can possess 600 gm. So can this personel jewellery be included into his firm's stock if YES then what is the legal procedure to do so.
There is no law which states that men can have 300gm and women can have 600gm unaccounted.
Trf of stock to business no Profit & Loss to be calculated
at time of sale
Income from business= sale price - Fair market value at the time of trf
Income from Capital gain= Fair market value during trf - Cost ( indexed for long term)
For trf of stock from wife will have to look out.
CAclubindia
