Dear Frnds,
If Father in law(sasur) gives gift to daughter in law (bahu) in form of Jwellery rs 65400/- will it be taxable than in whose hand.and what will be done in respective retun viz. sasur & bahu.
another part is if bahu wants show this jwellery in her fixed assets than at what cost she should show the jwellery as asset in her books.
Gift to relative is not taxable u/s 56(2)...So there wont be any tax liabilities..But if the jewellery is invested and yields certain income, it would be clubbed with the original owner's income....
Cost of acquistion fr the daughter in law would be NIl...
agree with sunshine except one thing
COA of jewellery in the hands of daughter in law shall be cost to the previous owner. S 49(1).
https://taxbykk.blogspot.com/
my mistake...Thank u sir....
Gift to relative is not taxable u/s 56(2)...So there wont be any tax liabilities..But if the jewellery is invested and yields certain income, it would be clubbed with the original owner's income....
Cost of acquistion fr the daughter in law would be cost to the previous owner
Agreewith Mayank
Gift to relative is not taxable.
Cost to prevoius owner is the cost in books of Donee.
will this jwellery will come under exempted income of daughter in law
THANKS ALL
It will be shown under assets and added with capital.
Gift From Relative is not Taxable at all but prepare the gift deed n get it registered.
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Final
View Details
ADY & CO.
New Delhi
Graduate (Any)
View Details
Goodwin Pumps India Pvt Ltd
Chengalpattu
CA Inter
View Details
Varma Raja & Associates
Thrissur
CA Inter
View Details
CCI
Pro
CAclubindia
