Capital gain on sale of jewellery
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 October 2011
Dear Sirs,
pls advise spose I purchase gold(jewellery) in 2002-03 for Rs. 400000/-wt. 72 tola now in 2010-11 I sold all gold Rs. 1500000/- . How much the amount of capital gain & how much tax would be under section ???????
Sanjay Garg
09990216305
pls advise spose I purchase gold(jewellery) in 2002-03 for Rs. 400000/-wt. 72 tola now in 2010-11 I sold all gold Rs. 1500000/- . How much the amount of capital gain & how much tax would be under section ???????
Sanjay Garg
09990216305
07 October 2011
Following is the calculation of Capital gains under Section 48 of the Income Tax Act, 1961:
Full Value of Consideration: 1500000
Less: Expenses for sale: 50000(Assumed)
Less: Indexed Cost
Actual Cost: 400000
Cost Inflation Index (2002-03): 447
Cost Inflation Index (2002-03): 711
Indexed Cost: 400000*711/447= 636242
Long Term Capital Gain= 813758
To save tax liability, It is advised to made investment in Bonds of NHAI or Rural Electrification of India under Section 54EC or invest in residential property under Section 54F.
Regards,
+8860876960
Full Value of Consideration: 1500000
Less: Expenses for sale: 50000(Assumed)
Less: Indexed Cost
Actual Cost: 400000
Cost Inflation Index (2002-03): 447
Cost Inflation Index (2002-03): 711
Indexed Cost: 400000*711/447= 636242
Long Term Capital Gain= 813758
To save tax liability, It is advised to made investment in Bonds of NHAI or Rural Electrification of India under Section 54EC or invest in residential property under Section 54F.
Regards,
+8860876960
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Under construction property in ITR
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- Building tax payment deduction in rental Income
- Not able to file ITR
- TAX AUDIT QUESTION
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
