Capital gain on sale of gold
This query is : Resolved
bhavesh mistri
(Querist)
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.
Kindly advise for capital gain.
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%.
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%.
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