If I sell ancestral jewellry(passed on from generations), what will be the LTCG. SInce the period of holding ? But what about the cost of acquisition? No purchase bill is available. Date of aquisition will be 1.4.81 or any revision after that?
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Sale of old jwelley
Replies (2)
period of holding is more than 20 years.
period of holdind as per section 2(42A) be from 1.4.81 ( AY 17-18) or 1.4.01. (A.Y. 18-19).
COA will be FMV on the above mentioned date.
As per proviso to excetions provided in section 2(14) Jewellary is Capital asset and will result into Capital Gains.
COA will be FMV on the above mentioned date.
As per proviso to excetions provided in section 2(14) Jewellary is Capital asset and will result into Capital Gains.
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