LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

SANKARPRASAD (MNGR)     05 October 2016

Taxation on jewellery obtained through gift deed

F is the father to A and AS . A and  AS ae sisters. F kept some jewellery of nearly 500gms  and 5.0 kgs. of silver  with A and asked her to handover to AS afer his( F's) death. And this AS wants to handover that jewellery ( Old traditional and what she got from F to handover to AS) through Gift between family members. This old jewellery is in their family since 1960s.

Will it attract any gift tax in Aandhra Pradesh? if so how the valuation of Gold & Silver will be done? any standard pocedure fo this valuation?.

If Gift tax applicable how much t may be?.


Pl. help.


 2 Replies

adv.bharat @ PUNE (Lawyer)     06 October 2016

1) Valuation of jewellary will be according to present market rate. Also depreciation will be considered.

2) As per state government rule Gift tax is applicable.

If u appreciate my answer then will u give THANK on my LCI profile.

Adv. K.S.A.Narasimha Rao (legalquestadvisor@gmail.com )     13 December 2016

I will suggest you to approach a Chartered Accountant in this aspect

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register