Sale of jewellery

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GAGANDEEP SINGH (Querist)
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02 April 2012 IF A PERSON SALE JEWELLERY NOT STANDING IN HIS BALANCE SHEET. IS THIS SALE TAXABLE? AND ALSO WE DONT KNOW THE PURCHASE PRICE OF JEWELLERY.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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02 April 2012 Sale of jewellery is taxable under the head Capital Gain.

GAGANDEEP SINGH

GAGANDEEP SINGH (Querist)
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02 April 2012 Sir if we dont have the purchase price of the jewellery. Then how we determine the cost of jewellery.And also it is not standing in our Balance Sheet.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 April 2012 You will have to estimate the fair value of the jewellery. You can take the help of a certified valuer or a jeweller.

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