Arre koi to help karo.....

See section 56(2) of the income tax act, gift received at the time of marraige is exempt.

keep smiling........

regards,

ratan

Hi Mahesh,,

jewellery wont be taxable coz u've recieved it on d occassion of ur marriage, also it is gift received in kind ,hence not required to show in ITR.Also for jewellery purchased by you,,u have to file wealth tax return..Any person whose GTI exceeds the maximum exemption limit has to file the return

Maximum exemption limit for A.Y.2009-10 - 1,50,000/-

                                                    A.Y.2010-11 - 1,60,000/-

Gross Total Income is Income before deductions under chapter VI-A and not taxable income i.e GTI - Deductions(if any) 

ur tax liability wil be (175000-160000)*10%= rs. 1500/-

if u hv any investments like LIC , PPF , childrens tuition fees...... then show it in return ur tax liability will be reduced appropriately.

regards,

ratan

Dear Mahesh,

First of all, there is no requirement to disclose the details of ur personal belonging in the ITR.

If ur case will taken up for scrutiny u/s 143 (3), A.O. can demand the details of ur personal assets only after taking approval from Joint Commissioner.  

Also if u can support  that ur jewellery was purchased by u from ur income not chargeable to tax at that time or gifted to u, then these jewellery can not be included in ur total income.  

gift received at the time of marraige is exempt.

thanks toh bheij dena sir ok byeeeeeeeeeeeeeeeeeeeeeee

Thanks to all of you for your valuable suggestions.

just by stating that you have received jewellary on occassion of marriage is not enough ! you need to prove it for the assessing officer if your return is choosen for assessment u/s 142(1), 143(2)

Keep crying !

Yes jewellery recd on the occasion of marriage is exwmpt & no need to disclose it in ur ITR

You need to prove it to the assessing officer tht u received it as a gift.. I would suggest u to carry on things as before.. Disclose all the gold ornaments n other property in VDIS :-) It MAY BE introduced in 2012-2013.

All the best. :-) and do not disclose such matters in open social networks...Kya pata yahan pe koi ITO miljaye.. Consult a CA.. he will he will help you a lot more thn all of us. :-)

Thanks to all of you for your valuable suggestions.

Bijoy, i will keep that thing in mind for future