Mr.X has transferred Gold to his Son Mr.Y by way of Will.Thereafter Y has sold this gold to Mr.Z.Mr. Y invested the amount in residential property.Tell me about capital gain provisions in this regard in case of Mr.Y.
Menu
Capital gain
Replies (2)
No capital gain on transfer of gold by Mr X to his son(Mr.Y).....
Cost in tha hands of Mr. Y is same as the cost of acquis to his father(previous owner) as per Sec 49(1)
When the gold is sold by Mr. X-
Following will be the consequences of the above transaction:
| Sale Consideration | xxxxxx |
| Les:Indexed Cost of Acq + Sale Exps | xxxxx |
| Long term capital gain | xxxx |
| Less:Exemp u/s 54F(subject to fulfilment of conditions as prescribed in sec 54F)....Exemp = Long T. Capital Gain/Net Sale Consider * Invest made in Rs. House Prop | xxxxx |
Exemption u/s 54F shall be available for Mr Y to save capital gain on sale of gold.
Recent Topics :
- 12A registration expired in FY 22-23 and is not re
- Seeking Clarification on Business Code Selection a
- CG on property sold after construction of a house
- Nursing Home Taxability
- CA opted for Form 10IEA mistakenly - Demand raised
- Query on scenario related to FAST DS 2026
- Audit Executive (Remote, India) - Ace Auditing Off
- GST Transaction On Used Clothing
- ITC availed on 5%-rate passenger transport (AC bus
- Extension of Due Date of AY 2026-27
Related Topics :
ARTICLESHIP
18 September 2026
Industrial Trainee
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared
Getmyca Consultant Pvt Ltd
New Delhi
CA Inter
View Details
ARTICLESHIP
15 September 2026
Freelance Taxation Content Writer Intern
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
ARTICLESHIP
16 September 2026
Article Assistant
MANUJ SHARMA AND COMPANY
Noida
CA Inter
View Details
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
CCI
Pro
CAclubindia
