I sold some jewellery for Rs. 3,75,000. It's old jewellery and I don't have purchase invoices with me.
Currently, I don't have any other income.
Please advise whether I am liable to pay capital gain tax and file an income tax return?
Is the basic tax exemption of Rs. 4,00,000 (under the new scheme) is applicable to income, including capital gain?
Am I eligible for a rebate for income up to Rs. 12,00,000, including capital gains?
| Item | Answer |
|---|---|
| Jewellery sale taxable? | Yes — capital gain |
| Can you claim ₹4,00,000 basic exemption? | Not for LTCG under Section 112 |
| Can you claim rebate up to ₹12,00,000? | No — capital gain not eligible |
| Must you file an ITR? | Yes |
| What to do without purchase invoice? | Use FMV as of 1-4-2001 via approved valuer |
Thanks for the valuable inputs
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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