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Sale of gold

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ahammed hussain

ahammed hussain (Querist)
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29 May 2016 Golden ornaments of wife, which is in hand since more than 25 years, if it sold for purchasing a car costing above 10 lakhs, is it a taxable income, how is the accounting. can anybody reply please.

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sanjeev kumar goel

sanjeev kumar goel (Expert)
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01 June 2016 Yes long term capital gain will be attracted if you purchase car from sale of gold ornaments consideration. Long term capital gain will be attracted on the difference of purchase and sale of gold price after indexation.

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