Hey guys
tell me the allowable(minimum) jewellery by income tax dept. to hold by single person.
thanks in advance
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Permitted Jewellery by CBDT
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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