Capital Gain-- urgent doubt

This query is : Resolved

sangita (Querist)
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25 March 2009 hii frnds,,
our client sold jewellery in FY 2007-2008. She recd those jewelleries during her marriage... Hw would be d tax treatment????? my sir told tk 1981 for indexation. wht abt d cost???should i tk cost or market value?? pl help frnds...

Sangita..

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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25 March 2009 Check the date of marriage. If the marriage date is prior to 1981 then you have to take the price of 1981 ie as on 31-3-1981 given by income tax department for wealth tax purpose. If the marriage date is after 1981 and then you have to take the rate of that year (for eg 1990) (31-3-90) then indexation has to be applied for arriving at the capital gain.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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25 March 2009 If the jewellery are purchased before 1981, then the cost or market value as on 01.04.1981 w.e. is higher after that apply the indexation.

If the above jewelleries are received in gifts, then take the cost of acquisition to the previous owner and also add the period of holding to the previous owner.

sangita

sangita (Querist)
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25 March 2009 Sir, hw will know the merket value on on 81???