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Gift received on marriage

chetan singhania (student) (71 Points)

10 January 2021

how to record gold received on marrige in individual balance sheet

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9 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 10 January 2021

You have to record as asset(Gold) or gift received from relatives

ayusmita (Tax consultant) (5885 Points)
Replied 10 January 2021

1st it is not your income as it is treated as gift if given by family or relatives and not reported
if you want then
asset side within bracket from marriage
it will not included with other gold items of your previous after if it's exceeds 500gm then disclose as per rules
if you get from others than family relative as per the act then in assets side with in brackets from marriage other than family relative and it's also same not include with others
and same exceed of 500gm disclose

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yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 10 January 2021

Yes you have to add it to assets. Finance act has new laws that gifts are taxed if the value is above 50000₹. Then this is disclosed in the ITR as well

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 10 January 2021

@ Ayusmita that means if a brother buys a gift, there is no need to report it in the balance sheet. I was also under the same impression because it is not taxed and thought that there is no need.

ayusmita (Tax consultant) (5885 Points)
Replied 10 January 2021

As per rule no reporting in itr and also no reporting till 500gm gold if a individual have

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Kapadia Pravin (17249 Points)
Replied 11 January 2021

Value Gold received in money Rupee terms same time bifurcating into From relatives and from non- relatives. If gold valued from non-relatives exceed 50000/- (including all other gifts) then such entire amount is taxed under section 56 as deemed income. Gifts from relatives are exempt.

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 23 January 2021

Value it taking the market rate of gold on date of marriage. Gift received on marriage is exempt so declared it in ITR as exempt income also

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 15 February 2021

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