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Discussion > Income Tax > Tax queries >

Capital Gain on sale of old gold

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director

[ Scorecard : 40]
Posted On 24 May 2011 at 10:42 Report Abuse

Dear Experts,

I am having 250 grams(Appx) of gold jewellary recived from my ancestor and intending to sale it off to realise cash and use for my business purpose. Now I want to know that  how much capital gain I will  have to pay for the same. I do not posses any document for accuisition cost as the same is more than 30-40 years old  hence how to calculate the total capital gain kindly suggest. Awaiting anearly reply from experts as well as senior boarderss.

Thanking you,

Yours faithfully,

YOGESH SHETH


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CA AMANPREET SINGH
Chartered Accountant

[ Scorecard : 284]
Posted On 24 May 2011 at 11:00

Find out FAIR MARKET VALUE as on 1.4.1981 and take it as Cost of aquisition (subject to Indexation)



Total thanks : 1 times




M.com,CS,CAFinal Tushar Sampat
M.com CS,CA Final

[ Scorecard : 38994]
Posted On 24 May 2011 at 11:49

 

Full value of consideration (Actual Recvd)             xxx

Less:Indexed Cost of Acuistion                               (xxx)

(FMV as on 1/4/81   x  Cost Inflation Index  

                                            (Yr ofsale)

Cost inflation Index (81-82) .i.e 100)

LessIndexed Costof improvement if any                (xxx)

(cal as above ,bt instead of yr of sal tak ye of improvement)

Long Term Capital Gain (Taxable )



Total thanks : 2 times



Harpreet
* * * * * *

[ Scorecard : 1628]
Posted On 24 May 2011 at 15:14

If a person buy the same after 1981 and he didnt remember the buy price then what treatment should follow. Please given your light on this also....




Harpreet
* * * * * *

[ Scorecard : 1628]
Posted On 24 May 2011 at 15:18

If a person buy the same after 1981 and he didnt remember the buy price then what treatment should follow. Please given your light on this also....




Rup Kumar
finance manager

[ Scorecard : 202]
Posted On 26 May 2011 at 13:03

I'm sorry, I was wrong in my previous reply.




Mehul Jain
ROC and R&D Executive

[ Scorecard : 59]
Posted On 26 May 2011 at 16:58

Amazing ques by Harpreet.




Harpreet
* * * * * *

[ Scorecard : 1628]
Posted On 26 May 2011 at 17:38

Everyday everyman or woman as per me learns a new thing. so what matter if i ask question like this?? if you have any problem then discuss with me. As per me no one here is expert in own profile/criteria. If you consider yourself as expert then no one is donkey more than you.

 

You donot expect that a qualify CA (Chartered Accoutant) ask what kind of question. If you want to know then click on below link and then talk with me.

http://www.caclubindia.com/forum/due-date-to-pay-service-tax-146107.asp

 

I hope you understand my things and never put your comments like that.




Rup Kumar
finance manager

[ Scorecard : 202]
Posted On 28 May 2011 at 17:52

No answer. Why ?




Sandeep
CA-Final and B.Com

[ Scorecard : 154]
Posted On 01 July 2011 at 19:37

As you say gold jewellary received from your ancestor before 30-40 year, that mean before 01/04/1981 and as per income tax provisions if any assets which is acquired before 01/04/1981, firstly you find the Fair Market Value(FMV) as on 01/04/1981. and Let us this Fair Market Value(FMV) as your acquisition Cost on 01/04/1981 afterthat you calculate tax normaly as mention below "STATEMENT ON COMPUTATION OF TAX".

 Note :- Go through Income Tax Ready reckoner Gold Rates as on 01/04/1981 is given, which is Rs.1670/-(for every 10 Grams) 

 

STATEMENT ON COMPUTATION OF TAX

Full value of consideration (Actual Amt Recvd from Sale)        xxx

Less:Indexed Cost of Acquistion                                                (xxx)

(FMV as on 01/04/1981   x  Cost Inflation Index  

                                                        (Year of sale)

Cost inflation Index (81-82) .i.e 100)

LessIndexed Costof improvement if any                                  (xxx)

(Consider only which Improvement cost which incurred after 01/04/1981)

Long Term Capital Gain (Taxable )                                               xxx




 



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