Gifts

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Nimish Parekh (Querist)

29 January 2012 I have received gifts from my grand parents and parents in form of gold jewellery. Is it liable for long term capital tax in my hands, secondly i am selling the same to buy a flat in my name , what shall be effect?

Kindly suggest me the procedure to receive the gifts from parents in form of Jewellery?

Lastly, how to we show in Income tax return the gifts receive in form of Jewellery while filling the returns.

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)

30 January 2012 You shall be liable to Long Term Capital Gain (LTCG) if period of holding is more than 3 years. for period of holding you can include the period for which gold was held by your parents and grandparents. you can claim exemption U/s 54F subject to conditions specified in the section

Nimish Parekh

Nimish Parekh (Querist)

30 January 2012 Thanks for the reply....
But can you suggest me the procedure to have gifts from them.

And what all documents to i need to keep for future inquiry from IT department, if any ?

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