CAPITAL GAIN ARISING OUT OF SALE OF GOLD FOR AN INVIDIDUAL ASSESSEE

DEAR SIR

I WANT TO SELL MY OLD GOLD ORNAMENTS AND COINS PURCHASED THREE YEARS BACK. IF I WANT

TO SELL I WILL GET CAPITAL GAINS. IS THERE ANY EXEMPTION FOR AVOIDING CAPITAL GAINS IN THE

ASST YEAR  2021-2022. PL DO THE NEEDFUL.

WITH WARM REGARDS

SAYEEKHUMAR

31.12.2020

 

Replies (3)
Quick Summary
An individual is asking about capital gains tax implications when selling gold ornaments and coins purchased three years ago. They are seeking information on potential exemptions for the assessment year 2021-2022. The response suggests that Section 54F might offer exemption under specific conditions, and that long-term capital gains tax will apply, with options to invest in various schemes declared under the Income Tax Act.

In 54F you can avail the exemption with some specific conditions

Thank you very much for your response

Long term capital gain will levied on your sell you can invest the money in various schemes declared under Income tax

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