18 October 2014
Dear Sir,
Me and my wife are non residents for the past 4 years. We are planning to sell her jewellery, which were gifted to her by parents during wedding, and deposit the same in a bank as FD...
Please let us know whether selling of jewellery will attract Capital Gain Tax? if yes, then suppose if the jewellery is sold for 12 lakhs now what will be the approximate tax?
20 October 2014
Since, you are non resident, there will be no tax if you sell the jewellery outside India. But if you wants to sell the jewellery at India, this will suffer 20% tax. However, you will get the basic exemption limit.
CAclubindia
