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Capital gain on old gold & silver sold

Tax queries 1148 views 1 replies

yogesh sheth

director

94 Points Joined June 2009

Respected Seniors,

Please suggest me for the following:

1). I am having ancestral gold jewellery around 250 grams which I am intending to sell out.I want to know that if I sell it before 31st March 2017 can I save the capital gain by investing the capital gain bond under 54Ec or I will have to pay 20% capital gain after indexation.

2) I am also having some ancestral silver utensils and if I sell the same it will attract any capital gain on it or not.

Thanking in advance.

Regards

Replies (1)

abeertiwari

310 Points Joined September 2011

first-jewellery shall be liable to tax @ 20.6%( including cess)after indexation.if you want to save capital gain you have to invest in specified bonds issued by NHAI & RECI within 6 months from the date of sale of capital asset in your case jewellery.maximum amount of investment under section 54EC is 50 lakhs.

secondly sale of silver utensils are given personal effects hence not liable for capital gains.