Dear Seniors,
I have sold some gold ornaments received by me from ancestor but don't have any documentary evidence for an amount of Rs 876000.
Taking base year 2001-02 gold rate at 5000 per 10 gram and 272 Cif of current year the capital gain calculated by me is 468000 and capital gain tax on it comes to 93600.
Now my query id that whether my above calculation is correct or not.Secondly can I save the tax by investing in capital bond if yes which amount i will have to invest the total capital gain i.e.468000 or capital gain tax i.e. 93600.
Please give your valuable suggestion
Thanking you,
Yours faithfully,
Yogesh Sheth
CAclubindia
