Capital gain on sale of gold
This query is : Resolved
Rajesh K M
(Querist)
05 May 2014
Mr. Anand Aged 47 years running a studio at Kochi. Due loss from business his wife gifted
her Gold jewellery, which she got the same from his mother at the time of marriage. Anand sold the jewellery for Rs. 450000 in 2012 and the amount invested in bank as Fixed Deposit.
Please tell me now he has to file the return of income ? and how much of capital gain tax to be pay ?
her Gold jewellery, which she got the same from his mother at the time of marriage. Anand sold the jewellery for Rs. 450000 in 2012 and the amount invested in bank as Fixed Deposit.
Please tell me now he has to file the return of income ? and how much of capital gain tax to be pay ?
Nikhil Kaushik
(Expert)
05 May 2014
capital gains shall be computed on the basis of cost of gold (as it costed to his mother in law) indexed from year of purchase. the gap between indexed cost and the sale value is the capital gains.
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