LTCG On Inherited Gold Sale

Take FMV as on 1.4.01 as your cost of acquisition.

Thank you for a prompt response. And what if I have inherited after 1.4.01?

Even if inherited after 1.4.01 , date of purchaser will be considered.

LTCG in such a case will be taxed at flat 20 pc. No indexation. Right? Thank you.

For the purpose pf jwellery and gold we should take
Invoice value or
Market value or
Valuation by merchant banker
but whenever you take this value contact to assessing officer otherwise case will open under assessment

Indexation benefit will be available.

Gold transformed into wearing bangles and inherited .After the same if it is sold is not capital gain. This is an exception.

 Jewelry is treated as capital asset and any profit made on sale of a capital asset is taxed as capital gain. It can be taxed as short term capital gains or long term capital gains depending on the period for which the jewelry was held. The holding period to make a capital asset is different from different class of capital assets.

Profits on sale of jewelry are treated as long term if the jewelry is sold after three years else it becomes short term if sold within three years. Such short term capital gains are treated like your regular income and taxed at the slab rate applicable to you. The long term capital gains however are taxed at flat rate of 20% after applying indexation.

What would be the reference source for calculating indexation? Thank you.

Rashmi
I am giving a simple example.
You might be wearing bangles(gold).
if you sell the bangles it's not capital asset.

Is the sale of Diamond jewellery treated same as Gold? Will indexation apply there too in case it is inherited?