Long term capital gain tax on sale of silver
This query is : Resolved
05 November 2019
Hello
I am planning to buy a residential property with a home loan. I have some physical silver metal which I would like to sell and use the money for this property purchase. If I use the proceeds to pay the home loan (within one year of property purchase) will it be exempt from long term capital gain tax?
Thanks
I am planning to buy a residential property with a home loan. I have some physical silver metal which I would like to sell and use the money for this property purchase. If I use the proceeds to pay the home loan (within one year of property purchase) will it be exempt from long term capital gain tax?
Thanks
27 May 2020
Sale of silver will be treated as a capital gain. If you are selling the ornament after having held it for more than 36 months, then it will be treated as a long term capital gain and you can avail the benefit of indexation. The long term capital gain is charged at 20%. If you sell silver that you have held for less than 36 months, then it will be treated as short term capital gain is the short term capital gain is charged at 15%.
You can invest the money for purchase of property for get rid of Capital Gain Tax
You can invest the money for purchase of property for get rid of Capital Gain Tax
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
- STCG....................................................
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- TAN for Partnership
- LTCG for Assmt year 26-27
- E way bill for tractors
- Suggestions required for income tax filing-software (FY 2025-26)
- Loan by Partnership Firm
- Plot of land. Cost of Acquisition
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
