Cost of jewellery

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Namit (Querist)
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05 August 2016 someone had purchased 22 carat gold jewellery before 1.4.1981 and do not possess any documents regarding cost of acquisition than how to calculate cost of acquisition for capital gains? Especially considering 22 carat jewellery. please reply asap.

Amol S Joglekar

Amol S Joglekar (Expert)
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05 August 2016 you can replace the value as on 01/04/1981. If the amount is heavy, you can go for valuation by GAV. (Govt Approved Valuer)

Namit

Namit (Querist)
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05 August 2016 but does FMV mean similar item purchased? or sold?

Amol S Joglekar

Amol S Joglekar (Expert)
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05 August 2016 FMV means fair market value. GAV take into account these considerations befpre giving their FMV report.....22 carat is NOT a big deal to value for GAVs.

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