on august 2011 I sold gold ornaments to the jewellery shop during the assessment yearfor Rs1500000 and purchase new gold ornament on the same day for Rs.1200000 and realize balance amount, also obtained the receipt from the shop for having sold the same.
ow, my queries are:
Whether the amount received from gold sale is to be included in my tax returns.
Whether I should claim exemption by including it as tax-free income.
If the exemption is to be claimed please let me know under which section of the I-T Act it is exempted.
CAclubindia
