Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Sale of old coins to other countries

This query is : Resolved 

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 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.

Which bank do you suggest to send money ? Can he send to my savings account or should I open new current bank account ?

ND (Expert)
You can receive the money in your normal saving account.

Yes, receive it in your savings account.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


Similar Resolved Queries

loading





Trending Tags