19 October 2017
My reply covers capital gains aspect only. Where the jewelry has been inherited, them the date of acquisition and cost of acquisition will date back to the previous owner. Assuming that the previous owner bought these jewels in March 1995, the cost inflation index for FY 1994-95 will have to be applied (259) while ascertaining the indexed COA and LTCG. You can claim exemption u/s 54EC or 54F, depending on facts and fulfillment of conditions.
CAclubindia
