Do I need to declare gold jewelry in my wealth statement?

Question

I have inherited gold jewelry from my mother. Should I declare it in my annual wealth statement?

Answer 1

1️⃣ Yes, inherited assets, including gold jewelry, should be declared in your annual wealth statement filed with FBR.
2️⃣ You should report it under “Assets – Personal Effects” in the wealth statement.
3️⃣ The value should be based on market price at the time of inheritance (not original purchase price).
4️⃣ Since it is inherited, no income tax is payable, but declaration is mandatory for transparency and record.
5️⃣ This ensures your wealth statement reconciles with your income sources and avoids future tax complications.