Marriage gift jewelery on capital gain working

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies capital gains tax on jewellery received as a gift. It explains that selling jewellery gifted in 1990 may incur long-term capital gains tax. The valuation method involves using the cost as of April 1st, 2001, adjusted by a multiplier, with any excess sale price considered capital gain. Importantly, there's no specific sales limit for capital gains tax, but GST applicability should be considered if the sale value exceeds exemption thresholds.

omnath

omnath (Querist)
Follow

20 January 2023 sir
A marriage on 1990. she get gift jewelry 700 grms from his father. A Decided sale of 450 gram jewelry onJan 2023.
1. It is applicable long term capital gain
2. Pl. guide of working on capital gain method.
3. Limit of sales of jewelry on capital gain.
thanks

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

20 January 2023 1. Yes
2. Take Cost of the jewelry as on 01.04.2001. Multiply it by 3.31 (say "X"). Any excess amount received on the sell, over the amount X will be LTCG.
3. No limit.

Message likes : 1 times