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tax on sale of jewellery

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(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.
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K Srinivas, CMA CS

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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
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RAJA P M

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RAJA P M (Expert)
25 September 2017 Yes.... I agreed to Mr K Srinivas Sir., You ll be calculate fair market value...
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