Sale of gold & jewellery
This query is : Resolved
27 November 2014
Hi, I have old gold & jewellery which I want to sale. But I am Individual and not registered with Sales Tax.
Please suggest me how to process and how it will be reflected in balance sheet
Please suggest me how to process and how it will be reflected in balance sheet
Amol S Joglekar
(Expert)
27 November 2014
Long term capital Gain arising out of this should be shown in income tax return.
For VAT you do not need to have VAT registration for sale of gold and jewellary, in individual capacity
For VAT you do not need to have VAT registration for sale of gold and jewellary, in individual capacity
Rupesh Jain
(Expert)
28 November 2014
you can sell to jewelers and you have to pay capital gains under the income tax act.
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