GIFT
This query is : Resolved
CA SONI KRUNAL
(Querist)
18 October 2010
Whether jewelery is movable assets or immovable assets ?
what will be the effects if i give gift of jewelery to non-relative person of less than 50000 rs?
what will be the effects if i give gift of jewelery to non-relative person of less than 50000 rs?
Pankaj Jhawar
(Expert)
19 October 2010
Its an movable asset.
If the amount is less than 50,000 there is no tax implication
If the amount is less than 50,000 there is no tax implication
19 October 2010
Jewellery would constitute movable asset. If the value of gifted jewellery, to a non relative is below Rs.50,000, then, it would not attract inclusion in the total income tax in the hands of donee under section 56(2)
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