24 July 2012
i have a gold around 15 tolas now i want to sale it on current rate- shall i have to pay tax on it or any exemption about self use gold ornaments- urgent
24 July 2012
Gold Jewelry, Ornament, Painting sculpture are not a goods of personal effect hence any profit or gain arising after sale of these things is taxable as capital gain in the hand of taxpayer. U can claim an exemption u/s 54EC Within a period of 6 months after the date of transfer, the capital gain must he invested in the specified assets i.e. bonds redeemable after 3 years issued by NHAl or RECL.
Note; there should be Long Term Capital Gain.
Exemption upto Rs 5000000 (50 Lakhs) per financial year.
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