Sale of old coins to other countries
This query is : Resolved
Quick Summary
Player man
(Querist)
20 September 2021
Recently a person from USA contacted me to sell Mahatma Gandhi 1 rupee coin which was released by government of India in year 1969. He offered me 3 lakh US dollars for bunch of coins. which is 2crore 20 lakhs approx in our country. I also want to clarify you that Iam not a regular seller of this coins I just had bunch of coins at my home, even I too dont know where they are from. I just want to know answers for this questions .
1) Is this sale of old coins legal or illegal ?
2)If legal can i send this through Indian post courier service ?
3)How will you suggest him to transfer money ?
4)How much tax should be paid to government after he transfer money to my account ?
1) Is this sale of old coins legal or illegal ?
2)If legal can i send this through Indian post courier service ?
3)How will you suggest him to transfer money ?
4)How much tax should be paid to government after he transfer money to my account ?
CA R SEETHARAMAN
(Expert)
21 September 2021
1 It's legal.
2 Send it through blue dart, with insurance.
3 Transfer through banking channel.
4 20% tax with cess and surcharge payable as tax on capital gains.
2 Send it through blue dart, with insurance.
3 Transfer through banking channel.
4 20% tax with cess and surcharge payable as tax on capital gains.
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Player man
(Querist)
21 September 2021
Which bank do you suggest to send money ? Can he send to my savings account or should I open new current bank account ?
21 September 2021
You can receive the money in your normal saving account.
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CA R SEETHARAMAN
(Expert)
21 September 2021
Yes, receive it in your savings account.
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