CAPITALGAINONSILVERUTENSIL
This query is : Resolved
15 March 2011
IHAVE SILVER UTENSIL INHERITED BY ME FROM MY FATHER.IWANT TO DISPOSE OF.IS IWILL BE LIABLE TO TAX IN INCOME TAX.IAM HOLDING 4 MORE THAN 3 YEARS
16 March 2011
In this case you will be liable for capital gains provided the sales consideration exceeds the indexed cost of acquisition (ICA).
for Indexation, Cost will be as incurred by father and holding period will be reckoned from the date of purchase made by your father.
for Indexation, Cost will be as incurred by father and holding period will be reckoned from the date of purchase made by your father.
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