Gst and capital gain
This query is : Resolved
19 October 2017
How much gst and capital gain to be paid on inherited jwellery in 2012 if I sell it in 2017 plz do reply
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Gift of mutual fund units to daughter
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Form 10BD Filling
- Reporting of STCG on Property in ITR
- Not able to file ITR
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
