28 November 2008
Hi dear all, One of my client's grand parents has Diamond and gold jewellery worth Rs.30,00,000. So if they sell and transfer the proceds in my client's account, then what will be the treatment of capital gain? These jewellery has been purchased before 1980. What if, he receive after death of his grandparents?
28 November 2008
Giving capita assets to own childrens does not attract Capital Gain Tax.
But please remember when your client sold these then purchase price and date of purchase with original buyer (Yours client's parents) will be taken into consideration.
CAclubindia
