Hey Nitin, be more precise what you mean by "bought gold for trading"? If you have bought it for sale to customers i.e if you have jewellary business and you have bought this gold as a stock for your business then this gold will not be liable to wealth tax. And if you bought this gold for investment purpose to sell at any time in future then this Gold will be included in your Net wealth and will be liable to wealth tax @ 1% of the amount by which net wealth exceeds Rs.30L.
no ashish.... i am not a jeweller ... but i am a trader in the commodity and equity market ... and keep trading in the markets .... and had bought gold in hard form .. and keep hedging in futures from time to time... pls advice
CAclubindia
