31 January 2016
Sir, I have received 30 tola gold from my mother. I want to sale it & pay cash to my son for purchasing residential flat? Can tax obligation is on me in such transaction?
31 January 2016
Transfer [Sec. 2(47)] of jewellery being capital asset [Sec. 2(14)] attracts long term [sec. 2(29B)] or short term [Sec. 2(42B)] capital gains.
Normally sale of gold being long term capital asset [Sec. 2(29A)] after indexation [Sec. 48] turns out to be loss. No need to worry from, capital gains tax point of view. However, compute the capital gains /(loss) on its sale and file return of income.
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