Jewellery inherited after mothers death

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ARUN GUPTA (Querist)
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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?

ARUN GUPTA

ARUN GUPTA (Querist)
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08 December 2021 Please explain the process of showing in ITR returns.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 December 2021 Show it in exempt income schedule as inheritance.

ARUN GUPTA

ARUN GUPTA (Querist)
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08 December 2021 How value will be calculated?

ARUN GUPTA

ARUN GUPTA (Querist)
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08 December 2021 There is both gold and diamond jwellery and how exact value to be determined or old value to be given

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 December 2021 Give old value no problem.

ARUN GUPTA

ARUN GUPTA (Querist)
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08 December 2021 Can i calculate value myself?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 December 2021 Yes, you can do it.
No need for reporting in ITR of such inheritance when your yearly earning is less than 50 lacs.

ARUN GUPTA

ARUN GUPTA (Querist)
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09 December 2021 Yes it's below 50 lakhs so need to report in itr. In future how to deal in case of any enquiry?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

ARUN GUPTA

ARUN GUPTA (Querist)
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09 December 2021 We don't have any document evidence so what we need to prepare

ARUN GUPTA

ARUN GUPTA (Querist)
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09 December 2021 It is impossible to have invoice because this is very old purchases almost 40 to 50 years back

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

ARUN GUPTA

ARUN GUPTA (Querist)
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09 December 2021 Concerned person means who inherited the gold. Please clarify?

ARUN GUPTA

ARUN GUPTA (Querist)
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09 December 2021 Concerned person means who inherited the gold. Please clarify? Shall we notarised this in affidavit form?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 December 2021 Yes, the person who inherited gold.
Yes, you can notorise it.

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