CAPITAL GAIN

As the value of gold when it is received is exempt under Sec.56, Cost of acquisition will be NIL. Capital gain has to be paid on the whole of Sale consideration.

Sale consideration                                         XXXXX

Less: Cost of acquisition                                 Nil

Capital gain                                                     XXXX

Less: Exemption u/s 54EC or 54F             XXXX

Taxable capital gain                                        XXXX

DEAR SACHIN,

AS VINAY SAID RIGHTLY, COST OF AQUISITION WOULD BE NIL. HOWEVER, I HAVE TO POINT OUT ONLY ONE CLARIFICATION THAT DEDUCTION UNDER SECTION 54F OR 54EC WOULD BE AVAILABLE ONLY WHEN U HOLD THAT ASSET FOR MORE THAN 36 MONTHS. I.E. IT SHOULD BE LONG TREM CAPITAL ASSET AND THERE IS LONG TERM CAPITAL LOSS.

REGARDS,

MANOJ

trust whoes gross reciept more than 10 crore for such trust 3cd  is applicable in audit report ?