Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2012 DEAR EXPERT
I WANT TO KNOW WHTHER IT WILL BE LIABLE FOR CAPITAL GAIN OR EXEMPT.
SALE OF JEWELLARY OF WOMEN RECEIVED AT THE TIME OF MARRAIGE 25 YAERS BACK.

CA Mahesh Vekariya

CA Mahesh Vekariya (Expert)
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06 April 2012 Dear,

As per my opinion firstly you have to get valuation report for gold jewellary from valuer for respective year after that apply cost inflation Index and find the capital gain

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shrikant

shrikant (Expert)
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06 April 2012 Yes it came under capital gain tax.

shrikant

shrikant (Expert)
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06 April 2012 Yes it came under capital gain tax.

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CA Rakesh Goenka

CA Rakesh Goenka (Expert)
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06 April 2012 yes it will be chargeable to capital gain tax. and indexation benefit will be available

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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06 April 2012 Jewellery is a capital asset as defined in Section 2(14).

Accordingly capital gain shall arise on the sale of jewellery.

The gain will be long term or short term depending on the period of holding.

If the asset is held for 36 months or more, it will be long term capital gain/loss and if it has been held for a period of less than 36 months, then it will be short term capital gain/loss.