Hey guys
tell me the allowable(minimum) jewellery by income tax dept. to hold by single person.
thanks in advance
Hey guys
tell me the allowable(minimum) jewellery by income tax dept. to hold by single person.
thanks in advance
| 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 | ||||||||
Rohit Khaitan
(Learning from Life)
(127 Points)
Replied 19 July 2010
@ 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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