Income Tax Act, 1961 (sec.56)

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4 Points Joined March 2019
Is wrist watch excluded from definition of Gift received u/s 56 in Income Tax Act, 1961 in India?
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On 24 April 2019 at 09:31 Report
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23 Points Joined April 2019
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
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On 24 April 2019 at 11:04
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290 Points Joined January 2019

No, if personal effect..

But included under jewelry if made from precious metal.

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On 24 April 2019 at 11:05
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9 Points Joined February 2019
it's not precious metal...jewellery is that made out of pressure and semi-pressure metal
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On 24 April 2019 at 11:13


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