29 December 2011
if a person Receives gold jewellery on his/her marriage (before 20 yrs).but he/she has not shown that jewellery in any of his/her return and today he/she wants to sell that jewellery. Wont the income from such sales would be treated as undisclosed jewellery by the taxman for Previous yearss
29 December 2011
Yes it would treated as undisclosed income.
if situation was otherwise. you could have revised the return and clamed it. but in your case you cannot revise return to that extent and it would be difficult to explain the same.
CAclubindia
