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Income Tax Act, 1961 (sec.56)
Is wrist watch excluded from definition of Gift received u/s 56 in Income Tax Act, 1961 in India?
Replies (3)
if the watch is made up of high value metal like gold or silver then it falls in the definition of jewellery and is included in the definition of gift. however, if it is purely a watch then yes it's excluded. This is my understanding
No, if personal effect..
But included under jewelry if made from precious metal.
it's not precious metal...jewellery is that made out of pressure and semi-pressure metal
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