banner_ad

Gifts

This query is : Resolved 
Profile Image

Profile Image

(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.
Profile Image

CA. Krishna K Neeraj

Profile Image

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
Profile Image

Nimish Parekh

Profile Image

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 ?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details