How to account for jewels, cash not disclosed when filing I-T return

There are times when families create unaccounted assets. All gifts on weddings, for example, are exempt from income-tax (I-T). Cash or gold received in marriage can be unaccounted items as individuals may not need to disclose them when filing tax returns. Similarly, a housemaker can inherit jewellery and she doesn’t need to declare it in her tax returns. Usually, such unaccounted assets would not create problems. But can be questioned when, say, you sell them to raise money or if tax officials carry a search of the premises of an assessee. When you sell such items, the officer c.....

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