Capital gain on sale of gold

This query is : Resolved

bhavesh mistri (Querist)
Follow

31 August 2013 Our client has sold gold in the financial year 2012-13 for Rs. 10,00,000/-. The gold was purchased in the year 2005 for Rs. 6,00,000/-. The client has purchased new gold for Rs. 9,00,000/- one month after sale of old gold.

Kindly advise for capital gain.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

31 August 2013 Long term capital gain will arise.

Rs. 6 lakhs will be indexed and reduced from Rs. 10 lakhs.

The resultant amount will be long term capital gain/loss.

Purchase of new gold is of no consequence.

LTCG will be taxable @ 20%.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Rampal Saini

Narendra

Vivekanand Sagar

SANJAY GOSALIA

Amit Goyal

Subscribe Now

Capital gain on sale of gold

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

CA Final

Article Assistant

Manager- Finance and Compliance

GST CONSULTANT

Accountant