Inherited / Unaccounted Gold - Pls. Advice

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Balaiah

Others

33 Points Posted on 20 June 2010

Dear Experts,

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)

daya shankar singh

CA CS

601 Points Posted on 20 June 2010

This is one of unresolved issue of the income tax because it is very hard to substantiate such type of income.

Balaiah

Others

33 Points Posted on 20 June 2010

Originally posted by : daya shankar singh
	This is one of unresolved issue of the income tax because it is very hard to substantiate such type of income.

Dear Dayal Sir,

Thanks for you response post sir. But I am sorry that I am unable to understand your response.

You mean that I can deposit GOLD and IT dept will not ask any questions to me. As mentioned this Gold is family gold. Can you kindly elaborate on your response sir.

Thanks, Bala