Purchases of gold jewellery show in it returns

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Purchasing gold jewellery worth ₹5 lakh needs to be correctly reflected in your Income Tax Returns and books. Generally, personal jewellery purchases don't require disclosure in your ITR unless your income exceeds ₹50 lakh, which necessitates filling the assets and liabilities schedule. If the gold is for business purposes, it should be recorded as Stock In Trade. There are also specific limits on gold possession for married women (500g), unmarried women (250g), and men (100g), with potential discretion allowed by the assessing officer for higher quantities.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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03 October 2021 Sir,
It assess purchase of gold jewellery value rs:5 lacs.
Question:
How to show procedure purchase of gold jewellery value in it returns and books.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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03 October 2021 No need to show it in BS, if it is for his personal use; unless his income is above 50 lakhs.
If it is his business, then it would be in Stock In Trade.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 October 2021 A married woman can have up to 500g of gold. An unmarried woman can have up to 250g of gold. A man can have up to 100g of gold. Even a higher quantity of gold may be left unseized based on the assessing officer's discretion.

No need to disclose such purchases in ITR unless you are earning 50 lacs income for which assets and liabilities schedule filling required.

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