Chetan Alai (n) (30 Points)
16 August 2016
suresh
(proprietor)
(425 Points)
Replied 16 August 2016
Yes, It will be taxable under the head of capital gain short term or long term depending on the holding period.
baljinder singh
(business)
(27 Points)
Replied 16 August 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193915 Points)
Replied 17 August 2016
@ MR. Baljinder Singh.
Kindly note that for Gold as Investment, for long term capital gain, the investment period should be minimum 36 months.
@ Mr. Chetan: If the words are not Sale & Purchase in your query, but say REMODELLING or TRANSFORMING etc., matter changes altogether.
sanjeev kumar goel
(Advocate)
(260 Points)
Replied 19 August 2016
Mr Chetan Alai if you sale old gold and purchase new gold against that proceeds of gold sale then there is capital gain tax liability, short term or long term depending upon the period of holding of gold.
sanjeev kumar goel
(Advocate)
(260 Points)
Replied 19 August 2016
Mr Baljinder Singh if you are selling gold and again purchasing gold with this sale consideration then there is capital gain tax liability under Income Tax Act 1960. Please correct yourself that in case of long tern it is non taxable. Sale of gold either short term or long term is not exempt under capital gain unless the sale consideration is utilised in purchase or construction or renovation of house property. Simply by selling gold and again purchasing gold with that money is not exempt under Income Tax Act 1960. It is taxable as capital gain depending upon the period of holding.
Hope you will correct yurself for future.
CAclubindia
