Sale of gold
This query is : Resolved
DEVENDER THAKUR
(Querist)
30 May 2012
Please guide me if a customer sale GOLD AND EARN PROFIT UNDER WHICH HEAD HIS INCOME WILL BE ASSESED?
CA Harish Suwalka
(Expert)
30 May 2012
if he regularly deals in gold and the sold gold was held as stock-in-hand than such income will be taxable in business/profession head
whereas
if the gold was held as an investment/asset, than income will be calculated as per Capital Gain provisions, and capital gain head would be applicable
whereas
if the gold was held as an investment/asset, than income will be calculated as per Capital Gain provisions, and capital gain head would be applicable
CA Vijay Kumar Gupta
(Expert)
01 June 2012
Agree with the Expert
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