Income tax on capital gains from sale of personal jewellery

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,

No Radhika 

jewellery is a capital assets u/s 2 (14) of income tax act 1956

section 2 (14) says that any assets whether movabla or immovable is a capital assets but subject to certain exclusions as given below; (given in short)

1. personal effects like wearing appearls, furniture, utensils, motor /car but it does not jewellery, precisous stones, semi  precisous stones whether sweing in wearing appearls or not.

hence long term capital gain arise on sale of jewellery is taxable in the hands of seller.

yes jewellery is clearly include in capital asset whthr it is for personal use or not....if any one does the business of jewellary than it will be its business income but if he is not doing so than in which head u will make it income??? so it is logically clear that jewellary will be taxable under capital gain head.....

and as per above question the calculation made by Mr. jainendra is accurate.....

but i think cii of 14-15 is not yet availaible

Agree with Calculation of Jainendra Sir. Cost Inflation Index for FY 2014-15 yet not declared by deptt. Last CII declared by deptt in June, 2013.