Capital Gain-- urgent doubt
This query is : Resolved
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..
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..
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.
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.
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.
25 March 2009
Dear Sangita,
Market value will be known by applying the provision of Wealth Tax Act.
Market value will be known by applying the provision of Wealth Tax Act.
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