tax on sale of jewellery
This query is : Open
25 September 2017
I have old gold (jewellery) for which i have no bill nither i know cost of purchase of that gold, niether i know year of purchase.
It is given to me by my Grand parents, i.e. it is inherited gold
Today if i go to market and sell that gold, will there be any capital gain on sale amount.
25 September 2017
In case of gifts, the cost of acquisition will be the cost incurred by the previous owner. In your case , since there is no written record of the same, you may take the fair market value as on date of gift and calculate your capital gains accordingly
25 September 2017
Yes.... I agreed to Mr K Srinivas Sir.,
You ll be calculate fair market value...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
