RAGHUVENDRA PRATAP SINGH (ARTICLE ASSISTANT) (36 Points)
26 December 2012
HI to all i have a gold costing rs. 255000
which i want to sale right now which i got as a gift from my family is it is taxable if now i will sale it
RAGHUVENDRA SINGH
CA Saiyum khan
(Practicing CA)
(685 Points)
Replied 26 December 2012
Devendra
(Chartered Accountant)
(4775 Points)
Replied 26 December 2012
Jewellery though used for Personal purposes cannot be treated as Personal Assets. Hence, sale of Gold Jewellery shall attract Capital Gains Tax.
Capital Gain = Sale Price minus Indexed Cost of Acquisition
Tax @ 20% + 3% Education Cess shall be payable as Capital Gains on above Transaction.
Regards,
Devendra Kulkarni
"Live Course on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
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