05 November 2019
Hello I am planning to buy a residential property with a home loan. I have some physical silver metal which I would like to sell and use the money for this property purchase. If I use the proceeds to pay the home loan (within one year of property purchase) will it be exempt from long term capital gain tax? Thanks
27 May 2020
Sale of silver will be treated as a capital gain. If you are selling the ornament after having held it for more than 36 months, then it will be treated as a long term capital gain and you can avail the benefit of indexation. The long term capital gain is charged at 20%. If you sell silver that you have held for less than 36 months, then it will be treated as short term capital gain is the short term capital gain is charged at 15%.
You can invest the money for purchase of property for get rid of Capital Gain Tax
CAclubindia
