Capital gain on sale of gold

This query is : Resolved 

31 August 2013

Our client has sold gold in the financial year 2012-13 for Rs. 10,00,000/-. The gold was purchased in the year 2005 for Rs. 6,00,000/-. The client has purchased new gold for Rs. 9,00,000/- one month after sale of old gold.

Kindly advise for capital gain.

CA Siddhartha Bhardwaj (Expert)
31 August 2013

Long term capital gain will arise.

Rs. 6 lakhs will be indexed and reduced from Rs. 10 lakhs.

The resultant amount will be long term capital gain/loss.

Purchase of new gold is of no consequence.

LTCG will be taxable @ 20%.

You need to be the querist or approved CAclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

× Online Coaching My Enrolled Courses
Articles Forum News Experts Exams Share Files Income Tax Accounts Career Corporate Law Service Tax Video Judgements Rewards Top Members Events Albums Find Friends Featured Feed Scorecard Bookmarks Mock Test Poll Notification Knowledge Finder Coaching Institutes Trainee Corner Jobs
close x