HI to all i have a gold costing rs. 255000
which i want to sale right now which i got as a gift from my family is it is taxable if now i will sale it
RAGHUVENDRA SINGH
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Capital gain
Replies (2)
If it is personal used assets then capital gain tax will not be attracted.
Jewellery though used for Personal purposes cannot be treated as Personal Assets. Hence, sale of Gold Jewellery shall attract Capital Gains Tax.
Capital Gain = Sale Price minus Indexed Cost of Acquisition
Tax @ 20% + 3% Education Cess shall be payable as Capital Gains on above Transaction.
Regards,
Devendra Kulkarni
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