tax on sale of jewellery
This query is : Open
shirish aurora
(Querist)
25 September 2017
I have old gold (jewellery) for which i have no bill nither i know cost of purchase of that gold, niether i know year of purchase.
It is given to me by my Grand parents, i.e. it is inherited gold
Today if i go to market and sell that gold, will there be any capital gain on sale amount.
K Srinivas, CMA CS
(Expert)
25 September 2017
In case of gifts, the cost of acquisition will be the cost incurred by the previous owner. In your case , since there is no written record of the same, you may take the fair market value as on date of gift and calculate your capital gains accordingly
25 September 2017
Yes.... I agreed to Mr K Srinivas Sir.,
You ll be calculate fair market value...
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