transfer of bulliion
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 February 2011
if a individual sell bullion to closely held co. for rs. 10 lakh (f.m.v. rs. 2 crore). plz explain treatment regarding taxbility
02 February 2011
Bullion is Capital Asset therefore there will be computation/liability of capital gain on the assessee. Computation will be as under:
Sale consideration = Rs. 10 lakh
(-) exp. on trf. =
Net Sale Consid. = Rs. ***
(-)Cost of Acquistion. = Rs. ***
(-) Cost of Improve. = Rs. ***
Capital Gain = Rs. ***
Please note that whether this is STCG or LTCG, check this before computation.
If you held bullion more than 3 years then this is Long Term Capital Asset otherwise this is Short Term Capital Asset.
Regards!!!
Dinesh S. Adhikari
Sale consideration = Rs. 10 lakh
(-) exp. on trf. =
Net Sale Consid. = Rs. ***
(-)Cost of Acquistion. = Rs. ***
(-) Cost of Improve. = Rs. ***
Capital Gain = Rs. ***
Please note that whether this is STCG or LTCG, check this before computation.
If you held bullion more than 3 years then this is Long Term Capital Asset otherwise this is Short Term Capital Asset.
Regards!!!
Dinesh S. Adhikari
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