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Working of tax on ltcg of inherited gold sale

This query is : Resolved 

am ready to pay some fees for d reply inherited gold of mother who passed away in 2019 (she got all before 1971-from her mother, husband and mother-in-law) we sell it in 2019 is this working correct-eg 100gms x 4300 (fmv as on 1st april 2001 is 4300inr)=430000 indexed price-430000x289/100 (289 cii of 2019 and 100 cii of 2001)=1242700-(sale price 100gmsx3600=)360000= then the amt arrived at is a very big amt so i think this working is incorrect



4300 fmv as on 1st april 2001 is for 10 gram 24 carat gold. Revise your calculations.


ours was 21 karat gold. i can not get rates for 21 karat as on 1 april 2001

so please guide



Calculate from given below ratio.

24K (999) = $52.00 USD
23K (958) = $49.84 USD
22K (916) = $47.67 USD
21K (875) = $45.50 USD

$45.50 for 21 karats of which yr, sir?
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 pls replyALso, if i select category 300 (self assessment) in challan 280 for individual, then the assessment yr 2020-21 is not getting accepted, it says assessment yr ca not be greater than the financial yr. which category for a homemaker then must i select for payment of tax on inherited gold. pls guide as i hv to pay tax

for working if i take the fmv 3422.84 inr, the calculation will change accordingly. then i deduct from fmv d SP ie 342284-300000=RS.42284 on which i calculate 20%=8457+health and edu cess4%=338. kindly guide.

$45.50 for 21 karats of which yr, sir? 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 pls replyALso, if i select category 300 (self assessment) in challan 280 for individual, then the assessment yr 2020-21 is not getting accepted, it says assessment yr ca not be greater than the financial yr. which category for a homemaker then must i select for payment of tax on inherited gold. pls guide as i hv to pay tax
for working if i take the fmv 3422.84 inr, the calculation will change accordingly. then i deduct from fmv d SP ie 342284-300000=RS.42284 on which i calculate 20%=8457+health and edu cess4%=338. kindly guide.

The calculation is like this.
One gram gold 24 carat price as on 1st April 2001 ise 430.(4300 is 10 gram pricee)
To calculate 21 carat price 430/999*875=376.60.
So 100 gram price is 37,660.

thanks sir. i can now manage the rest with your guidance. i am greatly thankful.


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