Inherited / Unaccounted Gold - Pls. Advice

Tax planning 805 views 2 replies

Balaiah

Others

64 Points Joined 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)

darshan

AUDITOR

223 Points Joined July 2009

Originally posted by : Balaiah
	4 wwill have to justify the gold is family inherited and is very old, provision of wealth tax shall apply 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