capital gain on jewellery
This query is : Resolved
MANOJ KUMAR JAIN
(Querist)
25 June 2010
whether sale of jewellery is liable for Capital gain tax, if yes please provide the procedure for calculation of Capital gain
CA Kalpesh Gokani
(Expert)
25 June 2010
Yes, sale of jewellery is liable for Capital Gain tax.
If jewellery is sold within 3 years of acquisition, short term capital gain can be calculated by deducting cost of acquisition from sale proceeds of jeweller.
If jewellery is sold after 3 years after acquisition, Long term capital gain can be calculated by deducting indexed cost of acquisition from sale proceeds of jewellery.
If jewellery is sold within 3 years of acquisition, short term capital gain can be calculated by deducting cost of acquisition from sale proceeds of jeweller.
If jewellery is sold after 3 years after acquisition, Long term capital gain can be calculated by deducting indexed cost of acquisition from sale proceeds of jewellery.
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