Gold valuation
This query is : Resolved
21 January 2012
Dear Sir,
I want to know the calculation of Capital gain in case of gold is sold which was purchased in marraige of my grand mother i.e. before 01.04.1981.
Please give an example asap.
Thanks and Regards
I want to know the calculation of Capital gain in case of gold is sold which was purchased in marraige of my grand mother i.e. before 01.04.1981.
Please give an example asap.
Thanks and Regards
21 January 2012
Sale Consideration Less Indexed Cost of Acquisition of Gold, Since it is purchased before 01.04.1981 so either actual cost on the date of purchase or FMV as on 01.04.1981 can be considered
21 January 2012
To add:
Example
Total Sale Consideration: 1000000
Less: Expenses on transfer: 10000
Less: Indexed Cost of Acquisition:
Actual Cost 50000
FMV on 01.04.1981 75000
Higher(more beneficial) 75000
CII 1981-82: 100, 2011-12: 785
75000*785/100= 588750
Long term Capital Gain: 401250
Example
Total Sale Consideration: 1000000
Less: Expenses on transfer: 10000
Less: Indexed Cost of Acquisition:
Actual Cost 50000
FMV on 01.04.1981 75000
Higher(more beneficial) 75000
CII 1981-82: 100, 2011-12: 785
75000*785/100= 588750
Long term Capital Gain: 401250
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