Tax on inherited gold
This query is : Resolved
04 November 2020
I sold some of my wife's inherited gold on her advice for her benefit only. The Selling invoice was made in my name and I later transferred it to my spouse account for her future action. As per vague calculation, the LTCG is approx Rs. 6000/- after CII adjustment.
My query is.
a) Did I need to show this transaction and pay LTCG in my ITR as the selling invoice was made against my name?
b) Or it can be assumed that the LTCG was accrued by my spouse as the money landed up in her account later on and she is the legitimate owner of gold?
My query is.
a) Did I need to show this transaction and pay LTCG in my ITR as the selling invoice was made against my name?
b) Or it can be assumed that the LTCG was accrued by my spouse as the money landed up in her account later on and she is the legitimate owner of gold?
CA R SEETHARAMAN
(Expert)
04 November 2020
It can be assumed that the LTCG was accrued by your spouse.
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