capital gain on sale of jewellary

yes, capital gain would be levied on sale of jewellery unless it can be considered as personal movable effects..... i.e. items of personal use.........

But Love. Arora,

SEE

Sec. 2(14)  “capital asset” means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include—

(i)  any stock-in-trade, consumable stores or raw materials held for the purposes of his business or profession ;

ii)  personal effects, that is to say, movable property (including wearing apparel and furniture) held for personal use by the assessee or any member of his family dependent on him, but excludes—

      (a)  jewellery;

      (b)  archaeological collections;

      (c)  drawings;

      (d)  paintings;

      (e)  sculptures; or

      (f)  any work of art.

So Capital gain will arise on Sale of Jwellery.

Dear Rishab,

agree with you........ but i also said the same thing...... in another way.......

capital gain tax is applicable and compute the CG tax in normal way.

capital gain tax is applicable and compute the CG tax in normal way.