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Is there a tax on the gold I received as a wedding gift?

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in Income Tax – Individuals & AOPs by
I received a substantial amount of jewelry during my marriage and I am confused if I have to pay income tax on its value or just declare it as an asset.

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by (200 points)
Any jewelry received as a gift is exempt from tax (if jewelry remains in your hands), but if you will sale it then it will fall under capital gain and is will be taxable on sale. However, on reciept there will be no tax.

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