Sir,
I intended to sell gold worth above 10 lakhs.
Query 1. Whether I have to pay income tax for the income from the sale ?
Query 2. Whether the buyer deduct the tax at source and if, at what rate
Thanking you
Antony Kaitharath
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Income Tax
Replies (3)
Quick Summary
1- Yes, you're liable to pay tax on income from sale of jewellery under the head "Capital Gain".
If it is held for less than 36 months then short term cap gain that attract tax as per normal slab rate.
And if it is held for more than 36 months then its long term cap gain (ellgible for indexation benefit) that attract tax @ 20% (+cess)
2. No, there is no deduction of TDS in sale of gold. But if the sale is in CASH (value more than 2 Lakh) then 1% TCS need to be collected.
If it is held for less than 36 months then short term cap gain that attract tax as per normal slab rate.
And if it is held for more than 36 months then its long term cap gain (ellgible for indexation benefit) that attract tax @ 20% (+cess)
2. No, there is no deduction of TDS in sale of gold. But if the sale is in CASH (value more than 2 Lakh) then 1% TCS need to be collected.
No deduction of TDS in sale of gold.
Sir I have prepared my income tax return for AY 2019-20 after entering bsr code date of tax payment and tax amount I have been saved and clicked on submit button . But error message is coming as "other bank details invalid please enter valid IFS code " .what may be the problem and please suggest me the valuble reason and how to overcome this.
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