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Capital gains tax arising from sale of personal jewellery

Tax queries 597 views 1 replies

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%. Please note that my Annual income from Salary & other sources already cross 10,00,000 per annum and am already in the 30% Tax bracket. Will this capital gains be added to my total annual Income and I will be taxed at the rate of 30.9% for the capital gains arising out of this Jewellery sale.

Regards

Replies (1)

bo your capital gain will be taxable @ 20% only.

rest all computaion shown inyour previous query.

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