Capital gain
This query is : Resolved
09 August 2011
Please tell me....if one have jewellery at his home and he wants to sell it then how to determine the COA of jewellery for capital gain purpose.....???
10 August 2011
The valuation is required for cost of acquisition. Normally, in case of such jewellery valuation as on 1.4.1981 is taken as it can be said that this is old jewellery and held from past so many years.
Question of holding can be solved by keeping the events like death, inheritance, gift etc. into mind. The period of holding is calculated in terms of the assessee.
So valuation of 1.4.1981 will be indexed on the basis of the holding period of asset by the assessee.
Question of holding can be solved by keeping the events like death, inheritance, gift etc. into mind. The period of holding is calculated in terms of the assessee.
So valuation of 1.4.1981 will be indexed on the basis of the holding period of asset by the assessee.
10 August 2011
If You have Bill of a Registered Dealer/ other Documentary Authentic Proof of Purchase you may calculate your cost of Acquisition. Otherwise as per Purity and weight of said jewellery and year of Acquisition you may compute cost of acquisition of Gold Rates Chart prescribed by IT Department.
But Your said Document should be in a manner that may suffice before AO to his/her Satisfaction regarding existence in that Year
, otherwise you will be in trouble.
Manish J. Agrawal CA SAP DISA DIRM
But Your said Document should be in a manner that may suffice before AO to his/her Satisfaction regarding existence in that Year
, otherwise you will be in trouble.
Manish J. Agrawal CA SAP DISA DIRM
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
- Rent lease agreement
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Relief u/s Section 89
- TDS Challan Code
- SALE BILL AGAINST GOODS RETURN
- REGARDING SECTION 44AE
- 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
