How the Valuation of Jewelry Received as Gift Done u/s 56 of I.T. Act ?


From 1/10/2009 , Individuals and HUF receiving any jewelery from a person other than following persons  are to pay income tax on the value of jewelery received u/s Section 56(2)(vii) of Income Tax Act .

a)  from any relative; or

(b)  on the occasion of the marriage of the individual; or

(c)  under a will or by way of inheritance; or

This content is for annual members only.

Log In Register