Long term capital gain on sale of ancestor gold
This query is : Resolved
28 August 2018
Dear Seniors,
I have sold some gold ornaments received by me from ancestor but don't have any documentary evidence for an amount of Rs 876000. Taking base year 2001-02 gold rate at 5000 per 10 gram and 272 Cif of current year the capital gain calculated by me is 468000 and capital gain tax on it comes to 93600. Now my query id that whether my above calculation is correct or not.Secondly can I save the tax by investing in capital bond if yes which amount i will have to invest the total capital gain i.e.468000 or capital gain tax i.e. 93600. Thirdly as suggested that as per amended by Finance Act, 2018 Gold ornaments is exempted from capital gain
Please give your valuable suggestion to solve out my query.
Thanking you,
Yours faithfully,
Yogesh Sheth
I have sold some gold ornaments received by me from ancestor but don't have any documentary evidence for an amount of Rs 876000. Taking base year 2001-02 gold rate at 5000 per 10 gram and 272 Cif of current year the capital gain calculated by me is 468000 and capital gain tax on it comes to 93600. Now my query id that whether my above calculation is correct or not.Secondly can I save the tax by investing in capital bond if yes which amount i will have to invest the total capital gain i.e.468000 or capital gain tax i.e. 93600. Thirdly as suggested that as per amended by Finance Act, 2018 Gold ornaments is exempted from capital gain
Please give your valuable suggestion to solve out my query.
Thanking you,
Yours faithfully,
Yogesh Sheth
01 September 2018
Your above calculation is correct
01 September 2018
You have to invest in the bonds at least the capital gains you earned
01 September 2018
Capital Gains on sale of gold ornaments are not exempted as per Finance Bill 2018. Short term capital gains will be taxed as per the applicable rate and long term capital gains at 20%
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