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Jewellery - Definition / Legal Terminology - Income TaxExtract Explanation 1 .- For the purposes of section 2(14)(ii)(a) of the Income-tax Act, 1961 - , Jewellery includes- (a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel; (b) precious or semi-precious stones, whether or not set in any furniture, utensil or other article or worked or sewn into any wearing apparel;
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