Working and related queries on tax on LTCG on inherited gold
This query is : Resolved
26 March 2020
query-please reply--where price is unknown for inherited gold purchased before 1971, (mother received from her mother, mother-in-law and husband), we receive after mother passes away in 2019 and sell in say 2019, is the following working for tax amount on LTCG on inherited gold correct? Am ready to pay some amount for professional advice reg. the foll. queries--
1) working-let us say an eg to tell if d working is correct--FMV as on 1st april 2001=4300 INR so let us say for 100gms working--
fmv 100gmsx4300 = 430000
-sale value-100gmsx3000 = 300000
= 130000x20% = 26000
+4% health&edu cess on 26000= 1040
tax payable =27040
1) working-let us say an eg to tell if d working is correct--FMV as on 1st april 2001=4300 INR so let us say for 100gms working--
fmv 100gmsx4300 = 430000
-sale value-100gmsx3000 = 300000
= 130000x20% = 26000
+4% health&edu cess on 26000= 1040
tax payable =27040
04 June 2020
https://www.caclubindia.com/experts/working-of-tax-on-ltcg-on-inherited-jwellery-2788824.asp
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