Income tax & wealth tax on gold & silver jewellary

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Rinku Parmar (Querist)
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21 March 2013 Sir,

when gold or silver jewellary is leviable for wealth tax? & what is the exempted qty of gold & silver for wealth tax for womwn & men both?

When gold jewellary is taxable under income tax & What is the exemption limit for income tax purpose for women & men both?

CA. PIYUSH GOEL

CA. PIYUSH GOEL (Expert)
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21 March 2013 dear Rinku...

every kind of ornaments made of gold & silver is liable for wealth tax..

however you have overall limit of 30 lac in the wealth tax..

as far as income taxis concerned.. capital gain will attract in the year in which it will be sold out..