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 :
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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.
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