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Capital gain on gifted jewellary

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(Querist)
22 August 2012 I received some silver jewellary from my Father by Gift and then sold them.

Am i liable to capital gain Tax?
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Amol S Joglekar

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Amol S Joglekar (Expert)
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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