Sale of old coins to other countries
This query is : Resolved
20 September 2021
Recently a person from USA contacted me to sell Mahatma Gandhi 1 rupee coin which was released by government of India in year 1969. He offered me 3 lakh US dollars for bunch of coins. which is 2crore 20 lakhs approx in our country. I also want to clarify you that Iam not a regular seller of this coins I just had bunch of coins at my home, even I too dont know where they are from. I just want to know answers for this questions .
1) Is this sale of old coins legal or illegal ?
2)If legal can i send this through Indian post courier service ?
3)How will you suggest him to transfer money ?
4)How much tax should be paid to government after he transfer money to my account ?
1) Is this sale of old coins legal or illegal ?
2)If legal can i send this through Indian post courier service ?
3)How will you suggest him to transfer money ?
4)How much tax should be paid to government after he transfer money to my account ?
21 September 2021
1 It's legal.
2 Send it through blue dart, with insurance.
3 Transfer through banking channel.
4 20% tax with cess and surcharge payable as tax on capital gains.
2 Send it through blue dart, with insurance.
3 Transfer through banking channel.
4 20% tax with cess and surcharge payable as tax on capital gains.
Message likes :
1 times
21 September 2021
Which bank do you suggest to send money ? Can he send to my savings account or should I open new current bank account ?
21 September 2021
You can receive the money in your normal saving account.
Message likes :
1 times
21 September 2021
Yes, receive it in your savings account.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
