Sold Gold what's tax liability

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Monu

Sr. SE

63 Points Posted on 08 April 2009

I'm a salaried person and TDS is deducted at source. I've purchased a flat in financial year 2008-2009 and I've few queries as following:

1. I've sold gold worth Rs. 1.5 lakhs during the payment of the flat purchased. That gold was given to me by my parents during my marriage 2 years ago. What is the tax liability? If yes under what section of ITR it will be included?

2. I received Rs. 1 Lakh from my NRI friend through western union for payment of the flat. What's is the tax liability for this?

3. I had also got money from my parents through cheque/DD. Is there need to show this in ITR?

Please answer my all queries above individually. Thanks in advance.

Replies (3)

PiyushAgrawal

Chartered acooutant in practice

418 Points Posted on 09 April 2009

Originally posted by :Monu
"	I'm a salaried person and TDS is deducted at source. I've purchased a flat in financial year 2008-2009 and I've few queries as following: 1. I've sold gold worth Rs. 1.5 lakhs during the payment of the flat purchased. That gold was given to me by my parents during my marriage 2 years ago. What is the tax liability? If yes under what section of ITR it will be included? 2. I received Rs. 1 Lakh from my NRI friend through western union for payment of the flat. What's is the tax liability for this? 3. I had also got money from my parents through cheque/DD. Is there need to show this in ITR? Please answer my all queries above individually. Thanks in advance.	"

1)Sale of gold is taxable in capital gain head and u should get deduction of sec54F.

2) Gift rec from ur Friend is taxable as it is greater than 50000.

Monu

Sr. SE

63 Points Posted on 09 April 2009

Thanks Piyush for your reply. Because I'm a lay man in lieu of tax returns, Please advice:

1. regarding money from friend. Since I received Rs. 1 Lakh. So my tax liability is for full Rs. 1 Lakh OR 100000 - 50000 = Rs. 50000 only?

2. Sold gold after 2 yrs of marriage. What is the cost of Acquisition as got during marriage?
Also, Short term or Logn term capital gain?
What if gold was given by grand parents, whose aquisition cost is not available?

3. Under LTCG, is Section 112(1) is applicable or not?