Sale of jewellery
This query is : Resolved
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.
02 April 2012
Sale of jewellery is taxable under the head Capital Gain.
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.
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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