Taxation on income from sale of gold jewellery
I am an articled trainee, I have a client who has sold his gold jewellery and received a sum of 57000 approx. Will it be taxable or not? And if yes, then what is the criteria?
Replies (1)
Gold jewellery is specifically included in definition of capital asset. So sale of capital asset is taxable. Whatever cost of acquition is to be deducted from consideration. If it long term capital asset then deduct indexed cost of acqusition otherwise deduct simply purchase price
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