Gst and capital gain
This query is : Resolved
Dushyant Saini
(Querist)
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
Tax pundit
(Expert)
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.
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