Capital gains tax on sale of gold ornaments.

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Quick Summary
If you're selling gold ornaments purchased over 50 years ago without original bills, you'll need to consider capital gains tax. The cost of acquisition will be based on the market price of gold as of April 1st, 2001, with indexation applied. Even if your total income is below taxable limits, you may still be eligible for basic deduction allowances.

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(Querist)
07 February 2020 I have old gold about fifty year back no bills.about 100 gms.

If I sale now , what will be treatment for capital gains tax.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 February 2020 Consider market price of gold as on 1st April 2001 and apply indexation to arrive at the cost.
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SHRMONEY

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SHRMONEY (Querist)
07 February 2020 thanks very useful.
whether deduction of basic limit will also be available since my income is below taxable limits.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 February 2020 Yes available.............................
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