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Women holding 500 gm of gold
A HOUSE HOLD LADY IS HOLDING 500 GM OF GOLD, AS PER GOVERNMENT REGULATIONS A HOUSE HOLD LADY MAY HOLD GOLD UP TO 500 GM AND SUCH GOLD WOULD NOT BE SEIZED. NOW MY QUESTION IS THAT IF SUCH LADY SELLS THE SAID GOLD IN THE MARKET WILL IT BE TAXABLE UNDER THE HEAD CAPITAL GAINS OR IT WOULD BE EXEMPT FROM TAXATION.
Replies (3)
Taxable.....
personal affects will not consider as capital asset so it not taxable
sir, personal effects specifically excludes jewellery as defined by section 2(14) of the income tax act so will it also exclude bullion
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