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Gold holding to me and Income tax

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Tapas Samadder

538 Points Posted on 01 November 2024

Sir, a person has 300 grams gold. out of 300 grams 250 gram, he received as gift from his marriage 4 years ago, he file ITR-1, not shown it ITR, Question: now which documents required for 250 gram gold. pls..

Replies (6)

Quick Summary

A person received 250 grams of gold as a wedding gift four years ago and did not declare it on their ITR-1. They are now seeking advice on the necessary documents to prove the gift, such as gift deeds and purchase invoices. The discussion explores the possibility of creating retrospective gift deeds and alternative ways to declare these past gifts for income tax purposes.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212453 Points Posted on 01 November 2024

Gift deed from his relative donors along with invoices of purchase.

Tapas Samadder

538 Points Posted on 01 November 2024

Sir marriage done 4 years ago, question -1:now possible to make Gift deed will relative ? question -2: now gift deed not possible with non-relative, so what he do? question-3: any option to show in ITR

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212453 Points Posted on 01 November 2024

Now there is no option to declare in ITR as gift from non relatives is exempt only at the occassion of marriage, which happened four years ago. Try to get their bills and consent letters of gifts, so that in future, it can help in case of query and/or at the time of sell.