Hi, i have inherited some old articles (jewellery & antique) which i intend on selling. I am keen on getting the money deposited in the bank and paying taxes. First question is this possible, if so under what should i declare the amount received? What will be the liability - say if the initial offers that i have received is around 1 cr. Is it possible to declare this, if so what is the tax that I will have to pay. Thanks in advance.
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Tax liability
Replies (3)
Dear Ajay,
The gains derived from the selling of jewelly & antiques shall be taxable under the head Capital gains. To compute the Capital gains tax Selling price should be reduced by the puchase price and the benefit of indexation should be taken.
N.B.
The benefit of indexation shall not be available if the period of holding is not more than 36 months.
Regards,
Devendra K
Thanks Devendra, Sorry consider me as a layman, in this case, the items has been in holding for generations, so I am getting this money what should i do? Or are you refering to the price at which i sell the item and whether I invest the same amount into perhaps a house or something?
Yes. You can invest the Capital gains in buying a new residential house to save the Capital Gains Tax.
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