No Wrong in Jewellery kept in Maternal Family by Married Daughter: ITAT deletes Addition

In a recent decision, ITAT ruled that married daughters can retain jewelry inherited from their maternal family without tax implications, overturning an addition made by the AO. The tribunal emphasized that such possessions do not attract income tax under the Wealth Tax Act, supporting the daughter's right to ancestral jewelry from her maternal lineage. This verdict underscores the tax-exempt status of ancestral jewelry in the hands of married daughters, reinforcing familial inheritance rights under Indian tax law.