Capital gain on purchase of jewellery (exchange of old jewellery)

Tara Khandelwal (Student CA Final ) (293 Points)

22 September 2018  

My mother has a gold bar which was purchased long ago and she doesn't have any records. Now I want to purchase new jewellery exchanging the gold bar

1) Can the gold bar be treated as gift received from my mother

2) If I exchange the gold bar, it amounts to transfer, will that attract capital gain

3) If so how to calculate capital gain