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Jewellery show in balance sheet

A/c entries 7966 views 10 replies

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)
it is a proprietor and he can show as investment

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

Yes, it can be shown as investment
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 ??
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

thanks to all for suggest me

 

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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