Wealth tax
This query is : Resolved
18 June 2012
I have received jwellery from my ancester property. the Current value is above exemption limit. How can i save wealth tax on the same?
Does forming of HUF will help?
Should i and how can i declare the jewllery to be held as stock in trade so that it is now taxable at all?
Pl guide
Does forming of HUF will help?
Should i and how can i declare the jewllery to be held as stock in trade so that it is now taxable at all?
Pl guide
CA PARAS BAFNA
(Expert)
18 June 2012
Allocate the jewellery items among the the family members and HUF.
.
Are you thinking to start a firm - "Chandulal Jewellers" ?.
.
You can convert your jewellery by recording the Description of items, weight, value
in the firm's books. You have to record the same on Fair Market Value.
.
When Jewellery is converted into stock in trade, you will be liable for capital Gains
. When the stock in trade will be sold, you will be liable for tax on Business Profits also. You have to pay tax in the year of sale.
.
.
Are you thinking to start a firm - "Chandulal Jewellers" ?.
.
You can convert your jewellery by recording the Description of items, weight, value
in the firm's books. You have to record the same on Fair Market Value.
.
When Jewellery is converted into stock in trade, you will be liable for capital Gains
. When the stock in trade will be sold, you will be liable for tax on Business Profits also. You have to pay tax in the year of sale.
.
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