Selling ancestral gold

You can search for replies first, a similar query is posted here for your reference /forum/selling-ancestral-gold-to-buy-property-263047.asp Its a capital asset and tax needs to be paid after indexation like in property, LTCG or STCG as the case may be. You may have to go to a govt authorizer value to get gold values for pre 1981 if there are no records with you. Also it depecds who is the owner of this Gold. IMHO To save this income tax, whole Q has to be invested into a house property within two years of sale or this amount has to be invested into capital gain bonds for three years. Also a seller is required to collect tax @ 1% from a buyer of bullion and jewellery if the sale consideration exceeds R5 lakh and the payment is received in cash.