Tax Provision on Sale of Mother jewelry (after her death)
This query is : Resolved
05 July 2023
Hi
I have one Client, he had sale his Mother Jewelry ( mother was death 10 years back) and this jewelry was around 50 years old and sale value is of Rs.7 lakh, whether this type of income should be calculate Capital Gain or this will be exempt income. and where need to show in ITR
Please guide on the same.
Thanks
I have one Client, he had sale his Mother Jewelry ( mother was death 10 years back) and this jewelry was around 50 years old and sale value is of Rs.7 lakh, whether this type of income should be calculate Capital Gain or this will be exempt income. and where need to show in ITR
Please guide on the same.
Thanks
05 July 2023
It is to be declared under Long term capital gains. COA should be market value as on 1st Apr., 2001.
05 July 2023
Sir,
Client Didn't know the Acquisition cost of that time(because jewelry was 50 years old and not having any bills), then how to take that amount, for calculating Indexed acquisition cost.
Please guide
Client Didn't know the Acquisition cost of that time(because jewelry was 50 years old and not having any bills), then how to take that amount, for calculating Indexed acquisition cost.
Please guide
05 July 2023
Get the Fair market value of the jewelry as on 01.04.2001, from registered valuer. That will be COA for calculating LTCG.
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