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Where to show Gold as a gift in first return?

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in Income Tax – Individuals & AOPs by (40 points)
Aoa. will anyone tell me where to show the Gold as a gift from inlaws? and what should be its cost value as its the first retun and gift was received long time ago.

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by (25.1k points)

W.salam,
You should declare the gold under Assets / Personal Assets in your wealth statement.
Since it is a gift from in-laws.
The cost value should be taken as the market value of gift (reasonable estimate if record not available).

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