Tax implication on sale of gold
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 November 2013
My client has purchases gold in the year 2001 at Rs.2,20,000/-.Now he is selling the same at Rs.6,00,000/-in the year 2013.What is the tax implication
Pleas advice me.
Pleas advice me.
24 November 2013
Your client will be liable to Long Term Capital Gains Tax. However if Capital gains are invested in Capital Gains Bonds (3Yrs),
he may get exemption U/s 54EC.
.
LTCG can be computed by deducting the Indexed cost of acquisition from the sales consideration.
.
he may get exemption U/s 54EC.
.
LTCG can be computed by deducting the Indexed cost of acquisition from the sales consideration.
.
24 November 2013
you will have a capital gain tax of around Rs 23000. you may claim exemption as prescribed by Bafna ji or simply pay of taxes and utilize the remaining money to invest in other assets with better return.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- TDS AND ITR ISSUE
- Journal entry of busniess expenses
- LIC maturity claim whether taxable
- ITR 4 and Bank transactions
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- Bank details not Visible on Traces Portal
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
