sale of gold is capital gain?
This query is : Resolved
03 February 2011
sir
She possesses 30 thulas of Gold which she has gotten heiratically (her grand mother having gold before 1980). today she start a milk chilling center. she required capital purpose sold that 30 thulas of gold. so she can pay capital gains tax (long term).
how to calculate long term capital gains?
She possesses 30 thulas of Gold which she has gotten heiratically (her grand mother having gold before 1980). today she start a milk chilling center. she required capital purpose sold that 30 thulas of gold. so she can pay capital gains tax (long term).
how to calculate long term capital gains?
03 February 2011
Since Gold is purchased befor 01.04.81, profit/loss on sale of gold will be calulated as follows:
a) take cost of Gold as on 01.04.1981
b) Calculate Indexed Cost of Acquisation by applying cost Inflation Index
c) sales value minus Indexed Cost of Acquisation is long term capital gain/profit
d) pay tax @ 20% on profit
a) take cost of Gold as on 01.04.1981
b) Calculate Indexed Cost of Acquisation by applying cost Inflation Index
c) sales value minus Indexed Cost of Acquisation is long term capital gain/profit
d) pay tax @ 20% on profit
Message likes :
1 times
03 February 2011
ok sir
can dispose off gold is also capital gains.
thank u sir
can immediately response.
can dispose off gold is also capital gains.
thank u sir
can immediately response.
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
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Tax rate change regarding
- GST ISSUE OF INPUT AND OUTPUT GST
- TDS on purchase of under construction property from a reseller
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Non filing of I T Returns
- TDS on Fixed Assets purchased
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
