Capital gain on gifted jewellary
This query is : Resolved
22 August 2012
I received some silver jewellary from my Father by Gift and then sold them.
Am i liable to capital gain Tax?
Am i liable to capital gain Tax?
22 August 2012
yes if it falls within the definition of 'capital asset'. You can take the benefit of 'cost to previous owner' or 1/4/1981 valuation if you want.
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