BUYING AND SELLING FOR JEWELLERY TRANSACTIONS IT ASSESSEE

This query is : Resolved 
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This discussion clarifies tax obligations for individuals involved in buying and selling gold jewellery, coins, and bars. It addresses whether tax returns are compulsory and how transactions are taxed. Generally, such activities are considered business income, and the applicability of capital gains tax depends on the nature and volume of transactions. It's advised to check turnover criteria for maintaining business records.

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(Querist)
05 July 2022 SIR,
one of the it returns non fileing person buying and selling for gold jewellery ,coins bars,biscuits some transactions in f.y. 21-22.
Question:
1.Assessee it returns filed compulsory
2.Buying and selling transactions capital gains tax applicable.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
05 July 2022 1. Only if total income more than Rs.2.5 Lakhs. 2. Depends on number of transaction whether capital gain or business.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
07 July 2022 Generally such transactions are treated as business income, so check turnover criteria for maintaining books.
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