1. I request you to pls share your view on capital gain on sale of gold which was received at the time of individual marriage.
2. qty 500 grms as a married women allow this much gold without describing its source is this correct?
3. and issue arise if the goldsmith gives cash to individual for sale of gold.
1. The purchase price of the previous owner would be treated as the purchase price for computing capital gains of the taxpayer.
3. No person shall receive an amount of two lakh rupees or more—
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed.
2. The jewellery/gold purchased out of disclosed income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions," the CBDT said.
NO SEIZURE OF GOLD FROM MARRIED WOMEN
During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 gm per unmarried women as also 100 gm per male member of the family, it said.
"Further, legitimate holding of jewellery up to any extent is fully protected," it added.
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