Working of tax on ltcg of inherited gold sale
This query is : Resolved
26 March 2020
am ready to pay some fees for d reply inherited gold of mother who passed away in 2019 (she got all before 1971-from her mother, husband and mother-in-law) we sell it in 2019 is this working correct-eg 100gms x 4300 (fmv as on 1st april 2001 is 4300inr)=430000 indexed price-430000x289/100 (289 cii of 2019 and 100 cii of 2001)=1242700-(sale price 100gmsx3600=)360000= then the amt arrived at is a very big amt so i think this working is incorrect
27 March 2020
4300 fmv as on 1st april 2001 is for 10 gram 24 carat gold. Revise your calculations.
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29 March 2020
ours was 21 karat gold. i can not get rates for 21 karat as on 1 april 2001
29 March 2020
Calculate from given below ratio.
24K (999) = $52.00 USD
23K (958) = $49.84 USD
22K (916) = $47.67 USD
21K (875) = $45.50 USD
24K (999) = $52.00 USD
23K (958) = $49.84 USD
22K (916) = $47.67 USD
21K (875) = $45.50 USD
29 March 2020
$45.50 for 21 karats of which yr, sir?
1) working-let us say an eg to tell if d working is correct--FMV as on 1st april 2001=4300 INR so let us say for 100gms working-- fmv 100gmsx4300 = 430000 -sale value-100gmsx3000 = 300000 = 130000x20% = 26000 +4% health&edu cess on 26000= 1040 tax payable =27040 pls replyALso, if i select category 300 (self assessment) in challan 280 for individual, then the assessment yr 2020-21 is not getting accepted, it says assessment yr ca not be greater than the financial yr. which category for a homemaker then must i select for payment of tax on inherited gold. pls guide as i hv to pay tax
1) working-let us say an eg to tell if d working is correct--FMV as on 1st april 2001=4300 INR so let us say for 100gms working-- fmv 100gmsx4300 = 430000 -sale value-100gmsx3000 = 300000 = 130000x20% = 26000 +4% health&edu cess on 26000= 1040 tax payable =27040 pls replyALso, if i select category 300 (self assessment) in challan 280 for individual, then the assessment yr 2020-21 is not getting accepted, it says assessment yr ca not be greater than the financial yr. which category for a homemaker then must i select for payment of tax on inherited gold. pls guide as i hv to pay tax
29 March 2020
for working if i take the fmv 3422.84 inr, the calculation will change accordingly. then i deduct from fmv d SP ie 342284-300000=RS.42284 on which i calculate 20%=8457+health and edu cess4%=338. kindly guide.
29 March 2020
$45.50 for 21 karats of which yr, sir? 1) working-let us say an eg to tell if d working is correct--FMV as on 1st april 2001=4300 INR so let us say for 100gms working-- fmv 100gmsx4300 = 430000 -sale value-100gmsx3000 = 300000 = 130000x20% = 26000 +4% health&edu cess on 26000= 1040 tax payable =27040 pls replyALso, if i select category 300 (self assessment) in challan 280 for individual, then the assessment yr 2020-21 is not getting accepted, it says assessment yr ca not be greater than the financial yr. which category for a homemaker then must i select for payment of tax on inherited gold. pls guide as i hv to pay tax
for working if i take the fmv 3422.84 inr, the calculation will change accordingly. then i deduct from fmv d SP ie 342284-300000=RS.42284 on which i calculate 20%=8457+health and edu cess4%=338. kindly guide.
for working if i take the fmv 3422.84 inr, the calculation will change accordingly. then i deduct from fmv d SP ie 342284-300000=RS.42284 on which i calculate 20%=8457+health and edu cess4%=338. kindly guide.
29 March 2020
The calculation is like this.
One gram gold 24 carat price as on 1st April 2001 ise 430.(4300 is 10 gram pricee)
To calculate 21 carat price 430/999*875=376.60.
So 100 gram price is 37,660.
One gram gold 24 carat price as on 1st April 2001 ise 430.(4300 is 10 gram pricee)
To calculate 21 carat price 430/999*875=376.60.
So 100 gram price is 37,660.
30 March 2020
thanks sir. i can now manage the rest with your guidance. i am greatly thankful.
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