capital gain on transfer
This query is : Resolved
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.
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.
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?
29 November 2008
Nothing changed. Situation will be same.
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
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Transporter Declaration form
- Copyright software
- Multiple trade mark
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- LC charges in relation to Asset purchased should be Capitalised ?
- Clarification on TDS Applicability
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
