Chartered Accountants, practicing CA’s, students and related industry professionals may connect with users of similar interests. To raise and discuss issues related to finance and taxation. The objective of this group is to address concerns and bring out feasible solutions for making a strong communication network for all related audience.

Gift

1 reply, 2 voices Last updated by Vaishali Dhameja 1 week ago
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  • #6430

    Aaditya yadav
    Participant
    @@ditya123

    I received a gift of jewellery from my friends. The total value of jewellery received during the previous year as a gift from all the friends was Rupees 84,000. Will the gift I received taxable?

    #6433

    Vaishali Dhameja
    Participant
    @vinnied99

    If the aggregate fair market value of the jewellery received by you without consideration during the year is greater than Rupees 50,000, then the total value of such jewellery received during the year will be charged to tax. As the total value of jewellery received is more than rupees 50,000 and hence, rupees 84,000 will be charged to tax.

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