Gold Deposit - Kindly Advice

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Balaiah

Others

33 Points Posted on 20 June 2010

Dear Friends,

My family has got 1 KG (i.e. 100 Tolas) of gold inherited from my parents & my wife's parents. We want to deposit this idle gold in Income Tax & Wealth Tax Exempted GOLD DEPOSIT scheme for the benefit and welfare of our two minor daughters equally (i.e. 500 grams each).

Being inherited gold we do not have any documents to prove the same, and it is un-accounted. Does we get any problems if we deposit in the IT & Wealth Tax Exempted GOLD Deposit schemes. Kindly advice.

Thanks, Bala

Replies (2)

Guest

Posted on 20 June 2010

dear bala there is no problem in deposit this gold into it scheme but if it dept. ask about the source then there will be a problem so it's better to get a certified document from ur relative to prove the genuineness of that transaction in any future correspondence with it dept.

thanks & regards

tarun rustagi

Balaiah

Others

33 Points Posted on 20 June 2010

Thanks for your reply. Most of the gold I received from my mother who is no longer alive. It is inherited from my mother. Also, with respect to my wife, it is her own gold given to her at the time of marriage by her parents. How I can receive the certified copies for this. From whom should I receive the certified copies as my mother is no longer living. I want to deposit 500 grams of gold on each of my minor daughters. Kindly advice. Bala