Long Term Capital Gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 September 2010
I had got 5000 Silver Coins since 1979 and wants to convert the same in gold as stock in trade.
I would like to know that is there any tax liability on such conversion in the of Long Term Capital Gain?
How i could reduce my tax libility?
I would like to know that is there any tax liability on such conversion in the of Long Term Capital Gain?
How i could reduce my tax libility?
20 September 2010
for indexation purpose u can check the value of coins, which should be taken, for example take value which is higher of 1) purchase cost 2) value as on 01.04.1981.
second as u r converting ur investment in stock in trade, capital gain will be calculated in the year in which conversion take place but it will be taxable in the year in which such stock is sold out.
second as u r converting ur investment in stock in trade, capital gain will be calculated in the year in which conversion take place but it will be taxable in the year in which such stock is sold out.
Aditya Maheshwari
(Expert)
20 September 2010
Capital gains to be computed in the year of sale.
Capital gains would be the difference cost or market value as on 01.04.1981 whichever is higher less the market value on the date of conversion.
Capital gains would be the difference cost or market value as on 01.04.1981 whichever is higher less the market value on the date of conversion.
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