Dear Sir,

A lady, currently 90 years old, was married in 1952 and received jewellery as gifts at the time of her marriage. She now has no financial support and is considering selling this jewellery to meet her living expenses.

Could you please advise whether the sale of such jewellery would attract any tax liability? Specifically, we would like to know:

  • Whether capital gains tax would be applicable on the sale of jewellery received as marriage gifts.
  • How the cost of acquisition would be determined, considering the jewellery was acquired in 1952.
  • Whether any exemptions or reliefs are available in such a case.

Your guidance on this matter would be greatly appreciated.

Thank you.