my father sold old gold jewellery how much percent tax he ha s to pay
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Long term capital gain through gold jewellery fy 2016-2017
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It is a personal Asset so we can sell it
Jewellery is a Capital Asset and it's sale attracts Capital Gains Tax. Since it is old jewellery the rate of tax shall be 20% with indexation.
Personal effects does not include Jewellery or Artistic work. It means Jewellery is a Capital Asset. When you sale any capital asset, Capital Gain will arise.
As per Sec. 45, Gain on transfer (SALE) of Capital Asset is liable to Capital Gain.
All Jewellery is Not liable to Capital Gain. If Jewellery is for PRIDE then Taxable. and if it is SENTIMENT then Not Taxable.
For e.g., utensils made up of Precious metal upto a reasonable limit, Taabiz, Mangal Sutra, Statue of Deities.
If it is Short Term Capital Gain then it shall be taxable as Usual Rate i.e., Slab Rate.
If it Long term Capital Gain then taxable @ 20% u/s 112.
I endorse the view given by S. K. Jha
JEWELLERY IS PERSONAL ASSET SO NO CAPITAL GAIN
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