Tax Consultation (US and India)
2970 Points
Joined September 2011
Capital asset does includes jewellery as told by Sir Ankur Gupta.
Capital gain shall arise but exemption may be claimed u/s 54F [buying house property] or 54EC [bonds]. Go through the conditions of these provisions.
For claiming exemption u/s 54F , entire net proceeds need to be invested and not merely the capital gain. Whereas u/s 54EC , capital gain is to be invested
I Would like to know how have you computed the value of Indexed cost of acqusition of the ansectral jewelley(Gold/silver).