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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- If there is Long term capital gain exists how much total income to be considered
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
