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Sale of gold

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DEVENDER THAKUR

DEVENDER THAKUR (Querist)
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30 May 2012 Please guide me if a customer sale GOLD AND EARN PROFIT UNDER WHICH HEAD HIS INCOME WILL BE ASSESED?

CA Harish Suwalka

CA Harish Suwalka (Expert)
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30 May 2012 if he regularly deals in gold and the sold gold was held as stock-in-hand than such income will be taxable in business/profession head
whereas
if the gold was held as an investment/asset, than income will be calculated as per Capital Gain provisions, and capital gain head would be applicable

CA Vijay Kumar Gupta

CA Vijay Kumar Gupta (Expert)
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01 June 2012 Agree with the Expert

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