while preparing an individual's balancesheet under which head should jwellery be taken?
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its urgent!!!!
Replies (6)
as per my knowledge it will come under investment...
so u mean a stri dhan (personal effect) are investments..
is there any AS or IFRS consisting this accounting and tax treatment of jwellery
Hi Dear
As per AS-10 on ur head only
if you are not in business of jewellary then its "fixed assets"
you can show it as Fixed asset of as Investment.. And even if u dont show than also its ok.....
personal effects in form of precious goods only, which are used to encashed at later part in life, are shown in balance sheet, though it does not matter if not shown, but if encashed in urgency then it may get taxed without any benefit of capital gain, so recorded effects are always better.
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