Permitted Jewellery by CBDT

(Guest)

Hey guys

tell me the allowable(minimum) jewellery by income tax dept. to hold by single person.

thanks in advance

Reply
Follow
Share

2 Replies

(Guest)

Dear

500 grams for married lady

250 grams for unmarried lady

100 grams for male member

This is as per circular No.1916 / 05.05.1994

The assessee has to prove jewellery held on hand in excess of what has been prescribed above.

*Additional points :*

*Piece of paper*

Additions for jewellery based on piece of paper and estimate cannot be sustained.

	Jaya S. Shetty Vs. ACIT (1999) 69 ITD 336 (mum)

*Proof of jewellery :*

Proof of jewellery in general is very difficult to an indian family because of marriage
gifts/stridhans.

The right way to prove it, is by including in wealth tax returns.


Regards

K.Ilayaraja