CA CS
703 Points
Joined February 2012
The Jewellery received by you from your mother is not chargeable to tax under the provisions of I-T Act.
However, it is advisable to prepare a Gift Deed to prove the genuineness of the gift by identifying the donor, the donee and also the descripttion of the jewellery gifted.
The gain on sale of the said jewellery same will be chargeable to tax under the head "Long-Term Capital Gains" .
If you wish to acquire a residential property out of the sale proceeds of the jewellery, then subject to complying with the provisions of Section 54F, the deduction from capital gains can be claimed .