Regarding capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2013 dear sir good morning my mother-in-law have given some gold ornaments and silver utensils to my husband.She has given a will on plain paper with signed by my brother-in-law and two witnesses.Please tell me this will valid or not.My husband sold some gold and silver.My mother-in-law have no wealth tax copy.She was dead in June 2011 with 76 years old.Please tell it will come in capital gain and will charged tax.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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06 August 2013 1. Yes the will is valid.
2. Sale of gold & silver will attract capital gain.
For this purpose the cost of acquisition shall be the cost at which these were acquired by your mother-in-law.