Sale of Jewelry received in marriage

This query is : Resolved

dhanyata naik (Querist)
Follow

04 October 2019 We are married couples married in year 2007, at the time of marrige we had received 2 kg of gold in different forms as gifts from both of relatives, we can say 1 kg for each ........... now we wanted to sale it and convert it in to money as recent prices of gold is very high. expected income shall be 75 lakhs totally, we can show 50% to each so that it would be 37.5 lakh to each, my query are as below 1. what kind of proof is required to prove to IT department sold jewelry are received in marriage as gift 2. will there be any issue of wealth tax? or we should keep amount less than 30,00,000 lakhs? 3. If we invest money in the capital bond then can we save on capital gain tax kindly advice me

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

05 October 2019 1 Declaration is enough.
2 Wealth tax you can manage.
3 Yes save the money in 54EC bonds.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA.K.RAMAKRISHNA. PRABHU

CA Aakarsh Jain

Venkateshwaran Ekambaram

Credible HRM

Jayanti Visani

Subscribe Now

Sale of Jewelry received in marriage

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA