Sale of gold
This query is : Resolved
29 May 2016
Golden ornaments of wife, which is in hand since more than 25 years, if it sold for purchasing a car costing above 10 lakhs, is it a taxable income, how is the accounting. can anybody reply please.
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01 June 2016
Yes long term capital gain will be attracted if you purchase car from sale of gold ornaments consideration. Long term capital gain will be attracted on the difference of purchase and sale of gold price after indexation.
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