Capital gain on sale of personal jewellery

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2014 I have some jewellery since last 15 years.
I don't know purchase date and value of acquisition.

Now i am going to sell all jewellery in financial year 2014-2015.

Please suggest me regarding calculation of capital gain on transfer of jewellery.

Which date and value should be taken for the calculation?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

12 November 2014 15 years i.e. 1998-99
You may get the valuation of that year in any reckner. In the absence of exact amount, go by such amount as is near to the actual.

Querist : Anonymous

Querist : Anonymous (Querist)

13 November 2014 Please suggest which amount should be taken as cost of jewellery .

How to calculate the nearer amount of the actual cost?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

17 November 2014 There must be some clue as to which month and which period the jewelry was bought...e.g. Birthday, Sale of some asset, Gift recd from somebody....try to memorise and accordingly find out the cost as on that date or month.... See 100% accuracy is NOT possible ... so? Let it be calculated on a near by estimate, FAVOURABLE to revenue.

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