i hered that from few CA
Gold is an liquied asset it can not be consider as long term asset. hence no set off allowed on selling of gold and purchasing of residential home.
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Long term capital gain
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capital gain exemption not available on sale of gold for the purchase of residential house
if gold held as a capital asset , exemption available.please refer Capital Asset definition,you will come to know..
on sell of gold ornaments long term capital gain arises(buying gold 36 months back)
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