08 December 2021
My wife inherited my mothers gold and diamond jwellery after her death. How will she show in income tax return? How jwellery will be shown in balance sheet? Please advise? Will we need to keep any documents?
09 December 2021
No need for reporting in ITR. If you have inherited gold, you can show a copy of the original invoices or a copy of the gift deed, settlement deed or will. If there is no documentary evidence, tax authorities can consider the family customs, social status and so on for determining the source of gold.
09 December 2021
Prepare a list of inheritance with approximate current value signed by the concerned person with two witnesses. It's only help in case of any enquiry. Prepare it in dated stamp paper of Rs 10.
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