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.
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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.
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