Hi
Client sold jewelry worth 12 lakhs during FY 2019-20, but there is no purchase bill or any evidence for purchase cost. What is to be done in that case for calculating capital gain?
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Tax on sale of gold
Replies (3)
Quick Summary
Coat shall be the considered as the market value of gold at the time of...purchase... but it can only be possible if bill does not contain price , here in the case bill is missing hence entire sale amount shall be taxable
Are there bank entries.
do you know approximate cost etc. ? year of purchase. you have to convince tax officer.
do you know approximate cost etc. ? year of purchase. you have to convince tax officer.
For sale there is a bank entry, but for purchase there is no track, since it was many years ago
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