21 May 2012
I have inherited 500 gms of gold from my father who have died recently(6 months). I found the purchase bill for the same which is of year 2008. I don't know weather this gold has been accounted or not. If i want to sell this gold to buy a new property, will i have to pay capital gain tax for the gold which i want to sell? Please guide me.
21 May 2012
Yes. Capital Gains tax will be attracted but you will get benefit of Indexed cost of acquisition if the property purchased before 36 months.Cost of Acquisition will be the cost of gold in hands of your father.
CAclubindia
