banner_ad

Peronal gold jewellery transfer in firm's stock

Tax queries 404 views 4 replies

Hi All,

I want to know that if there a jeweller and he wishes to include his wife's and his personel gold into his firm's stock, what is the legal way to include this gold in his firm's stock. As per Indian Law a man can possess upto 300 gm unaccounted jewellery(correct me if I am wrong) and similarly a woman can possess 600 gm. So can this personel jewellery be included into his firm's stock if YES then what is the legal procedure to do so.

Replies (4)

There is no law which states that men can have 300gm and women can have 600gm unaccounted.

Thanks for enlighting Mr. Kothari, in that case how about if the housewife and the male partner possess 800 gms of gold with bill and wish to tranfer it to the male partner's firm's stock?.

Trf of stock to business no Profit & Loss to be calculated

at time of sale

Income from business= sale price - Fair market value at the time of trf

Income from Capital gain= Fair market value during trf - Cost ( indexed for long term)

For trf of stock from wife will have to look out.

Looking forward to your reply.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Topics
Loading
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details