banner_ad

Is jeweler received during the occasion of marriage taxable

Tax planning 295 views 2 replies

I have received 7Lakhs jewlery of my mother  at the time of Marriage and latter i sold and brought a house is this taxable.

Replies (2)

Part I Jewellery/Gift received on marriage......... tax-exempt.......

Part II: Jewellery sold....... capital gain........ invested in house property.... Exempted u/s 54F of IT act (subject to other conditions)

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 .

 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details