On What price to show jewellary in ITR

This query is : Resolved 
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When declaring jewellery as an asset in your Income Tax Return (ITR) as of March 31, 2020, you should use the purchase price (historical cost). Jewellery received as a wedding gift does not need to be declared unless your income exceeds 50 lacs. Assets are generally recorded at their original cost.

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(Querist)
19 April 2020 Dear Sir/Mam,
My wife have some jewellary. I want to know, on what price jewellary to be shown under assets in ITR as on 31st March 2020 ? Is it purchase price or market price ?
Please clear it.

Thanks
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 April 2020 Show it in purchase price.
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Deepak Rawat

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Deepak Rawat (Querist)
19 April 2020 Sir, what if the same has been received her on wedding. Then, Will it be reflected on ITR ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 April 2020 No need to reflect such gifts in ITR unless you earn 50 lacs income.
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NAMAN K DOKANIA

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NAMAN K DOKANIA (Expert)
19 April 2020 It has to be shown at cost price. We always record assets at cost price i.e. historical cost
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