capital gain on transfer
This query is : Resolved
CA.Mitul Dholakiya
(Querist)
28 November 2008
Hi dear all,
One of my client's grand parents has Diamond and gold jewellery worth Rs.30,00,000. So if they sell and transfer the proceds in my client's account, then what will be the treatment of capital gain? These jewellery has been purchased before 1980. What if, he receive after death of his grandparents?
Thank you.
One of my client's grand parents has Diamond and gold jewellery worth Rs.30,00,000. So if they sell and transfer the proceds in my client's account, then what will be the treatment of capital gain? These jewellery has been purchased before 1980. What if, he receive after death of his grandparents?
Thank you.
CA Tilak Raj Sharma
(Expert)
28 November 2008
Giving capita assets to own childrens does not attract Capital Gain Tax.
But please remember when your client sold these then purchase price and date of purchase with original buyer (Yours client's parents) will be taken into consideration.
But please remember when your client sold these then purchase price and date of purchase with original buyer (Yours client's parents) will be taken into consideration.
CA.Mitul Dholakiya
(Querist)
29 November 2008
thank u.
but what if he receives as succeder of the asseset after death of grand parents?
but what if he receives as succeder of the asseset after death of grand parents?
CA Tilak Raj Sharma
(Expert)
29 November 2008
Nothing changed. Situation will be same.
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