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If jewellery recd by a lady from friend and relatives on marriage if sold for cash, what is tax implication?

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If jewellery recd by a lady from friend and relatives on marriage if sold for cash, what is tax implication?

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  1. They are gifts and should be reported it they are individually of any large value such that it exceeds the gift exemption.   I am not sure if that many people actually do that as technically wedding gifts should be reported as well.


  2. Shouldn't be any.  It was given as a gift.

  3. There is no tax on the gifts received on marriage

    http://mytaxes.in/index.php?topic=19.0
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