Income tax
This query is : Resolved
09 February 2013
mother has expired now his daughter is receiving her mother gold jwellery what type of legal document she has to make for income tax purpose will the gold jwellry value will be reflected in her personel capital a/c & balance sheet any tax will be levyed please advice as i have to file her income tax return
CA Himanshu Kansal
(Expert)
09 February 2013
Hi Yagnesh,
In your case two situations are possible, if the mother had left will which describe the gold jewellery will belong to her daughter, then such will be termed as sufficient evidence and such daughter can show such jewellery as increment in the capital account on the current market value of the date of acquisition by her.
Other situation is when the mother has not left the will, then such daughter need to make an advertisement in the newspaper claiming that particular jewellery has been left by my mother and i m inheriting such jewellery, if any body has any objection then contact to us. Such copy of Newspaper is an sufficient evidence for the income tax purpose that she has inherited such jewellery from her mother.
Therefore in case of inheritance, the capital gains has been exempted.
In your case two situations are possible, if the mother had left will which describe the gold jewellery will belong to her daughter, then such will be termed as sufficient evidence and such daughter can show such jewellery as increment in the capital account on the current market value of the date of acquisition by her.
Other situation is when the mother has not left the will, then such daughter need to make an advertisement in the newspaper claiming that particular jewellery has been left by my mother and i m inheriting such jewellery, if any body has any objection then contact to us. Such copy of Newspaper is an sufficient evidence for the income tax purpose that she has inherited such jewellery from her mother.
Therefore in case of inheritance, the capital gains has been exempted.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- Oct 2025 Invoices
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Under marginal scheme
- Import of Software Service.
- Capitalgain tax purposes for valuation report compulsory
- TAX AUDIT ON PROFESSIONAL INCOME
- GST on Renting godown to KFCSC for Storage of Raagi
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
