Capital gain implication
This query is : Resolved
NIKHIL JAIN
(Querist)
16 December 2014
SIR,
I AM RECEIVED A GOLD AS GIFT. AND I WANT TO CONVERT INTO STOCK IN TRADE. THAN I CAN DO SO OR NOT. WHAT IS TAX IMPLICATION.
I AM RECEIVED A GOLD AS GIFT. AND I WANT TO CONVERT INTO STOCK IN TRADE. THAN I CAN DO SO OR NOT. WHAT IS TAX IMPLICATION.
Amol S Joglekar
(Expert)
16 December 2014
The gold gift will be treated as per the provisions of section 56 of the incme tax act.
For conversion of the same into stock in trade, you need to start a business in GOLD, so that you can convert the same into stock in trade.
For conversion of the same into stock in trade, you need to start a business in GOLD, so that you can convert the same into stock in trade.
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