I have inherited some jewelry from my grandmother in the year 2001 when I was a minor. How should I disclose the same in my Balance sheet and at what valuation??
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Treatment of inherited jewelry in books of accounts
Replies (6)
i think they should be valued at the market value on the date on which they were gifted to you.
Basically you received a gift in 2001 so logically your cost of purchase is NIL.
Hi,
Please pass the journal entry in following way
Investment account Dr...
To capital account
It is the gift which is exempted u/s 56 (ii) (vi) under income tax Act.
@ CA Viral : At what value jewellery will be recognized??
with market value of jewellery on the date of gift.
If jewellery is received from the relatives then the jewellery will be valued at the cost of the donor as per section 49 (1). Period of the holding of the previous owner will be added.
However, in Books it should be valued at the Market value.
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