Capital Gain On Inheritance Gold

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If you sell gold or jewellery received through inheritance, capital gains tax may apply. The tax treatment depends on how long the asset was held, with profits taxed at 20% for long-term gains (over 36 months) or your slab rate for short-term gains. For inherited assets, the holding period is generally considered from the original purchase date, with 2001 often used as a base year for valuation purposes.

sanjay

sanjay (Querist)
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22 September 2020 Sir
I want to know that: I received the gold in inheritance and some jewellery as per my share according to will after death of mother. if I sell the same then Capital Gain come into existence or not. Can I directly increase my capital?
Pl advise.
Regards

Deesha Shah

Deesha Shah (Expert)
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22 September 2020 Capital Gain is applicable on sale of inherited gold is taxable. it is advisable to maintain proper documentation to show that the gold is received in inheritance. If the gold is held for more than 36 months, profits are treated as long term and taxed at flat 20%. Else, they are taxed as short term at your slab rate.

sanjay

sanjay (Querist)
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23 September 2020 The period is from I get or from the date of original purchase for long term or short term.
Pl confirm.

Deesha Shah

Deesha Shah (Expert)
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23 September 2020 From the date of original purchase

sanjay

sanjay (Querist)
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25 September 2020 Hello
I got in inheritance and the purchase was in 1965. What will be year of acquisition for me. Is it 1965 or 2020 or 2001 valuation date. How can I calculate gain on sale of gold and jewellery.
Pl advise