Tax treatment of LTCG on Sale Of Gold & Silver Ornaments.
This query is : Resolved
17 June 2010
I Have a client which sold there gold & Silver ornaments on last previous year.
But they don't know the Cost of Purchase of both as it is too old.
And Secondly the sold ornaments were not in the balance sheet of earlier year.
How should I Treat this Income..??
But they don't know the Cost of Purchase of both as it is too old.
And Secondly the sold ornaments were not in the balance sheet of earlier year.
How should I Treat this Income..??
17 June 2010
If it is very old before 1981 then take the Fare market value as on 1981 and do the indexing and arrive the index cost.
And if it is not shown in Balance sheet treat as personal assets and pay tax as individual on capital gain.
And if it is not shown in Balance sheet treat as personal assets and pay tax as individual on capital gain.
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