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Jewellery show in balance sheet

A/c entries 6662 views 10 replies

Dinesh Chandra Suthar

udaipur

81 Points Joined October 2013

a small bussiness of furniture work by individual and he want to show his jewellery in balance sheet of bussiness as investment can it possible ?

Replies (10)

CA Srujann kumar Reddy

Asst Manager(Internal audit)

1679 Points Joined May 2011

it is a proprietor and he can show as investment

Praveen Tawania

Owner

369 Points Joined December 2014

Yes, u can show your jwellery as a investment in balance sheet.

CA Harshal Totla

Chartered Accountant

2229 Points Joined May 2014

Yes, it can be shown as investment

Aditya Banka

2 Points Joined April 2016

what if the same jewellery has been gifted to you by your relative years before ,
will it attract any tax as gift from relative is exempt ??

shabbir chattriwala

student

30 Points Joined January 2016

it will be chargeable to capital gain tax..oNly when the said jwellery will be sold...and no taxability for gift received from Relatives who comes under the defination of Income Tax Act

Dinesh Chandra Suthar

udaipur

81 Points Joined October 2013

thanks to all for suggest me

srinivas

Accounts Manager

89 Points Joined July 2009

sir, some person showing jewellery (since 15 years) as a part of capital (value of jewellery not shown separately), and put a note about the quantity of jewellery in her ITR.

Please let me know, how to separate the jewellery from capital and how can i show this as investment.

is it better to continue in the same way or better to change the way of presenting in ITR.

Thanking you sir

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