Permitted Jewellery by CBDT

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Guest

Hey guys

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

thanks in advance

Replies (2)

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