Permitted Jewellery by CBDT

1834 views 2 replies

Hey guys

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

 

thanks in advance

Replies (2)

 

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              
                 

@ Sir Iliyaraja...

Could you please telll that is this as per Income Tax  or as per Wealth Tax ?

Waiting for ur reply??

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