sale of gold is capital gain?

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KUMAR trp707@gmail.com (Querist)
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03 February 2011 sir
She possesses 30 thulas of Gold which she has gotten heiratically (her grand mother having gold before 1980). today she start a milk chilling center. she required capital purpose sold that 30 thulas of gold. so she can pay capital gains tax (long term).
how to calculate long term capital gains?

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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03 February 2011 Since Gold is purchased befor 01.04.81, profit/loss on sale of gold will be calulated as follows:

a) take cost of Gold as on 01.04.1981

b) Calculate Indexed Cost of Acquisation by applying cost Inflation Index

c) sales value minus Indexed Cost of Acquisation is long term capital gain/profit

d) pay tax @ 20% on profit

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KUMAR trp707@gmail.com

KUMAR trp707@gmail.com (Querist)
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03 February 2011 ok sir
can dispose off gold is also capital gains.
thank u sir
can immediately response.

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