Need your attention ...

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2015 Respected experts ,

I am 52 years old .On my birthday MY father and mother gifted me two gold coin ( weight 5 tola each ) One coin to me and one to my husband . . I was very happy .

I want to ask some legal question...

Since the coin gifted by my father and mother is of old times when they were young . They dont have any bill now , i brought that coin to goldsmith and prepared one neckless for me and one gold chain for my husband . Since i have only gift deed on a stamp paper of 500 . Will it be sufficient if Income tax ask for the source for that . Or Will it not be considered gifted coin and will it be clubbed with our income .

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
Follow

01 August 2015 No question of clubbing arises. Your father and mother come under 'relative' for both of you hence there will be no tax liability for both of you. Gift deed executed on a stamp paper of 500/- is sufficient.

Querist : Anonymous

Querist : Anonymous (Querist)

01 August 2015 Sir in my deed value of a gold is not mentioned , only weight is mentioned . Will it matter ? Gold coin was accumulated by my parents during their service period , but they dont have any bills or records now ... If i sell one of the coin or both coin in future ,how will capital gain will be calculated ?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
Follow

04 August 2015 In case of gift capital gains are calculated by taking cost of acquisition of previous owner. So cost of acquisition will be valuation of gold as per market rate at the time of purchase by your parents. Since there is no bill date of purchase will have to be taken on idea basis. Cost of acquisition will be market value of gold per 10 gm prevailing at the time of purchase and than indexation will also be given as per price index of year in which gift was received.