ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Cap gain on sale of good received as gift at the time of marriage

Govind Sharma (15 Points)

22 May 2021  
1. I request you to pls share your view on capital gain on sale of gold which was received at the time of individual marriage.

2. qty 500 grms as a married women allow this much gold without describing its source is this correct?

3. and issue arise if the goldsmith gives cash to individual for sale of gold.

 6 Replies

Sivaramaraju G (Learner) (2350 Points)
Replied 22 May 2021

1. The purchase price of the previous owner would be treated as the purchase price for computing capital gains of the taxpayer.

3. No person shall receive an amount of two lakh rupees or more—

(a) in aggregate from a person in a day; or

(b) in respect of a single transaction; or

(c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed.

2. The jewellery/gold purchased out of disclosed income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions," the CBDT said.

NO SEIZURE OF GOLD FROM MARRIED WOMEN

During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 gm per unmarried women as also 100 gm per male member of the family, it said.

"Further, legitimate holding of jewellery up to any extent is fully protected," it added.

 

1 Like

veerendar singh (tax consultant) (2818 Points)
Replied 22 May 2021

Capital gain will arise on sale of such gifted jewellery and its suggested to take the sale proceeds in bank account only.

at this point in time there is no need to worry about explaining source of wealth.

just report the sale of gold properly in the itr and presumably you wont face any issue.
2 Like

govind (auditor assistant) (40 Points)
Replied 22 May 2021

Originally posted by : Sivaramaraju G
open quote 1. The purchase price of the previous owner would be treated as the purchase price for computing capital gains of the taxpayer.

3. No person shall receive an amount of two lakh rupees or more—

(a) in aggregate from a person in a day; or

(b) in respect of a single transaction; or

(c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed.

2. The jewellery/gold purchased out of disclosed income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions," the CBDT said.

NO SEIZURE OF GOLD FROM MARRIED WOMEN

During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 gm per unmarried women as also 100 gm per male member of the family, it said.

"Further, legitimate holding of jewellery up to any extent is fully protected," it added.

 
close quote

Sir,

would you pls provide any supporting like Deptt circular etc in support of point no 02 i.e.?

The jewellery/gold purchased out of disclosed income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions," the CBDT said.

Sivaramaraju G (Learner) (2350 Points)
Replied 22 May 2021

i have read it in INDIA TODAY news article. 

i have sent a link to your inbox, check out. i am unable to post link here. it doesn't allowing me as it contains numbers.

2 Like

veerendar singh (tax consultant) (2818 Points)
Replied 22 May 2021

Ramaraju is really very helpful
1 Like

Sivaramaraju G (Learner) (2350 Points)
Replied 23 May 2021

Thank you veerendar🙏🏻🙏🏻

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  





Subscribe to the latest topics :
Search Forum:

Trending Tags