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Gift received on marriage


chetan singhania (student)     10 January 2021

chetan singhania
student 
 1 likes  69 points

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how to record gold received on marrige in individual balance sheet
Sourav

Sourav (Student)     10 January 2021

Sourav
Student 
 290 likes  4669 points

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

ayusmita (Tax consultant)     10 January 2021

ayusmita
Tax consultant 
 372 likes  5580 points

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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

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

yasaswi gomes
My grammar is 💯 good I 
 166 likes  2965 points

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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

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

yasaswi gomes
My grammar is 💯 good I 
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@ 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

ayusmita (Tax consultant)     10 January 2021

ayusmita
Tax consultant 
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As per rule no reporting in itr and also no reporting till 500gm gold if a individual have
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Kapadia Pravin

Kapadia Pravin   11 January 2021

Kapadia Pravin

 1030 likes  16221 points

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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

CA Rashmi Gandhi (Chartered Accountant)     23 January 2021

CA Rashmi Gandhi
Chartered Accountant 
 4505 likes  56425 points

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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

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

yasaswi gomes
My grammar is 💯 good I 
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ChioRio is doesn’t work out and it is not international dating site. Waste of money and top of that Indian police will book us up under prostitution law for having illegal contacts.

yasaswi gomes

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

yasaswi gomes
My grammar is 💯 good I 
 166 likes  2965 points

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Your from America right, it works properly there and besides your marrying. So no5ing will be bad for you I guess. Indian dating sites are crap.


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