21 November 2010
my grandfather gave me some old antinque coins for which someone has approached me. he is a collector and wants to buy the old coins for me for rs.8 lacs.
what about the tax part of this. do i have to pay tax
under which head
i have not paid anything for these coins and i dont know how much my grandfather paid for these coins
21 November 2010
In case where cost to previous owner is not known, and you can rightly say that Your Grand father was holding these coins prior to 1.4.1981 also.
You may get valuation of these coins as on 1.4.1981 for the purpose of Cost of acquisition.
CAclubindia
