| Question And Answer | |
|---|---|
| Subject: | Gold Jewellery disclosed In IDS 2016 and given to Jewellers as Loan |
| Category: | Income-Tax |
| Querist: | prakash |
| Answered by: | Research Team |
| Tags: | Gold jewellery, loan |
| Date: | December 28, 2023 |
Assessee is an individual and disclosed the jewellery of 10 kg in IDS 2016 and given the said Jewellery as Loan to Jewellers and also taken the interest in form of Gold on which TDS is also made by the jewellery firm.
Whether it amounts to sale of the jewellery under Income Tax Act 1961.
pl guide
Burden is on the assessee to prove that the gold was given as loan . One has to verify what entry is passed by the jeweller in their books of account . One has to decide the issue on facts .
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