Capital gain tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 September 2011
A person have gold that he received as gift in his marriage about 15 years ago and he purchased some gold about 8 years ago.
Now he wants to sale the gold and introduce the money realised in his existing business as capital.
will he have to pay capital gain tax ?
Is there any tax planning to save the tax ?
Now he wants to sale the gold and introduce the money realised in his existing business as capital.
will he have to pay capital gain tax ?
Is there any tax planning to save the tax ?
16 September 2011
Yes It will chargeable to Capital Gains under section 45.It shall be Subject to indexation.
Exemption can be seeked by applying funds to investments notified under section 54EC.
Also Section 54F can be seeked.
Exemption can be seeked by applying funds to investments notified under section 54EC.
Also Section 54F can be seeked.
Message likes :
1 times
16 September 2011
The expert is correct but person concern wants to invest as capital. In these circumstances he is not going to invest in 54EC or 54F.
The only way is to pay the capital gain tax.
The problem which will arise shall be how to prove that he is the owner of the Gold. Has he got any documents for the same. Without documents how he will prove that the he became the owner at the time of his marriage as gold ornaments are generally received in the marriage by the females.
The only way is to pay the capital gain tax.
The problem which will arise shall be how to prove that he is the owner of the Gold. Has he got any documents for the same. Without documents how he will prove that the he became the owner at the time of his marriage as gold ornaments are generally received in the marriage by the females.
Message likes :
1 times
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
