In February I sold some gold jewellery gifted to me earlier by my mother. While preparing the ITR for FY25-26, I realised that I had to give the purchase price as the FMV as on 01.04.2001
It's not possible to get the valuation done now as the jewellery was already melted down and sold (a total of about 24 grams of 22 karat gold)
What should I mention in the ITR? There are no bills or invoices since this is jewellery my mother would have received in the 1980s/90s
Since the original purchase price is unknown for gold inherited and originally acquired before 2001, you should obtain a retrospective valuation certificate from an income tax-registered valuer to determine the FMV as of April 1, 2001. Use this FMV as your "Cost of Acquisition" to calculate the indexed cost and report the resulting Long-Term Capital Gains in your ITR.
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