02 February 2011
Bullion is Capital Asset therefore there will be computation/liability of capital gain on the assessee. Computation will be as under:
Sale consideration = Rs. 10 lakh (-) exp. on trf. = Net Sale Consid. = Rs. *** (-)Cost of Acquistion. = Rs. *** (-) Cost of Improve. = Rs. *** Capital Gain = Rs. ***
Please note that whether this is STCG or LTCG, check this before computation. If you held bullion more than 3 years then this is Long Term Capital Asset otherwise this is Short Term Capital Asset.
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