How to disclose gold in incometax returns

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Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2017 sir my client (women) getting income tax assessment for the 1st time for AY-16-17, she has got gold of 480 grams(60 savars/pounds) from her parents on her marriage in 2002, and on the death of her mother in 2012 she got 160 grams of gold and in between from 2002 to 2016 she has purchased 60 grams of gold.
sir pleas help me how to disclose these gold of total(480+60+60=800 grams) while filing her income tax returns for AY-16-17 & 17-18.
sir there should be any proof required?
Is there any problems to be faced after filing the IT returns?

pleas help me

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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29 November 2017 No required to disclosed gold in ITR. Gold is disclose if Balance sheet of the assessee is required and balance sheet is required if assessee having income from business or profession

RAJA P M

RAJA P M (Expert)
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29 November 2017 Yes... You ll be show the All assets details if your total come is more than 50lakhs then You must show all the assets in ITR... It's applicable from AY 16-17 & AY 17-18...

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Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2017 Should I mention a foot note regarding such gold ornaments of 800grams?
While filing the ITR?

What value is to be disclosed in balance sheet,
Current market value?
Or cost on the date of receipt of jewelry on her marriage day?

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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29 November 2017 Kindly read section 115BBE & section 271AAC along with Section 69C. And decide whether to disclose gold in ITR or not

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