I wants to know about capital gain on sale of gifted gold .Gift was received from father in law in marriage .It was more than 15 years old. Now i want to sell it pl. tell me about capital gain It is assessed to gain tax or not. Whether it is to assessed to tax then how much tax is applicable on long term capital gain on sale of gifted gold.
10 November 2009
It will be taxable in your hand not in hand of your father in law. Your cost will be equal to previous owner i.e. your father in law. After indaxation it will be taxable @20%
10 November 2009
You have not specified whether you are son in law or daughter in law. The situations are different for both. If you are son's wife, the income is taxable in hand of your father in law. In both cases, the date and cost of purchase by father in law will be considered to calculate indexed cost of acquisition. However, if father in law gifted gold just before the marriage of his son to the daughter in law took place, then it is taxable at the hands of the daughter in law only.
10 November 2009
Agreed. This case law undoubtedly confirms not only the cost but also the period it was held by previous owner for purpose of indexation. In absence of input whether the father in law is husband's father or wife's father, it will make a difference as to whose hands the tax will be if clubbing provisions u/s 64 are invoked.
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