Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 December 2011
daughter received jewellery from mother 7 yeras back and during the year 2008 sale of jewellery rs 5000000 so pls reply me what is tax treatment in this case for both mother and daughter ?
23 December 2011
Mother : No tax is payable by her
Daughter:
Indexed cost of acuisition has to be arrived by considering the cost incurred by the mother or the last previous owner(s) of the jewellery. If jewellery is acquired prior to 1.4.1981, the valuation can be done on the basis of rates prevailing as on 1.4.1981.
Such Indexed cost and any expense directly related to the transfer(Sale), can be deducted from Rs. 5000000 so as to arrive LTCG in this case.
She can save capital gains tax by investing in residential house or in Capital gains Bonds.
Daughter:
Indexed cost of acuisition has to be arrived by considering the cost incurred by the mother or the last previous owner(s) of the jewellery. If jewellery is acquired prior to 1.4.1981, the valuation can be done on the basis of rates prevailing as on 1.4.1981.
Such Indexed cost and any expense directly related to the transfer(Sale), can be deducted from Rs. 5000000 so as to arrive LTCG in this case.
She can save capital gains tax by investing in residential house or in Capital gains Bonds.
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