jewellery gift to relative in blood relation

manoj kumar saraswat (Querist) 01 January 2011 This query is : Resolved
sir/madam,
can a person who receives jewelery from his/ her son as gift can convert that into stock in his/ her business? plz tell provisions of Income Tax Act & Rajasthan VAT Act.

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Khaleel Ahmed (Expert) 01 January 2011
Yes donee have full rights over the gifted property either movable or immovable.Such property can be convert in to stock of his or her business.

Kirti Kar Tripathi (Expert) 02 January 2011
i agree with Khaleel. You are absolute owner of gifted property, you have every right to use, invest or convert as you wish.

Advocate Bhartesh goyal (Expert) 02 January 2011
As soon as gift has been accepted by donee he becomes the absolute owner of that property and he has every right to use,alienate,transfer,investand convert that property as he wishes.