I bought Gold jewellery for personal use in june 2010 @ Rs 1,61,000 and sold it for Rs 3,07,000 in April 2014. Can you please advise me about the tax liability for the capital gains arising out of this sale and also advise me whether I will be eligible for Indexation benefits and also long term capital gains tax @ 20.6%
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Capital gains tax arising from sale of personal jewellery
Replies (1)
FVC : 307000 LESS : INDEXED COA: 161000*939/632 = 239207 LTCG : 67793 TAX @ 20.6% - 13965 PLEASE NOTE THAT IT IS ASSUMED THAT YOU HAVE INCOME UNDER HEADS ALSO AND YOUR TOTAL INCOME EXCEEDS THE EXEMPTION LIMIT SPECIFIED FOR THE YEAR. IN CASE THIS IS NOT SO YOUR TAX LIABILITY WILL CHANGE TO NIL. REGARDS,
Read more at: /forum/income-tax-on-capital-gains-from-sale-of-personal-jewellery-288172.asp#.U0ZBbPmSxH0
https://www.incometaxindia.gov.in/archive/how_to_compute_capital_gains_2008-09.pdf
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