Suppose a person has some grams of gold of his parents bought some 25 yrs back which is not accounted for and shown in the balance sheet suppose his parents are now dead & now the son wants to show the gold purhased 25 yrs back is there any provision so as to he can show it as wealth will he have to pay any tax if yes what percentage. The value of such gold is about 13.5 lacks at the current date
And also guide me about hte procedure to be carried for inluding the gold in his closing stock since he is a dealer in gold.
CAclubindia
