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Capital gain on gold
How to Calculate Capital gain tax on Sales of Gold, what is the formula. and where it is available on net.
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Example: I am a bussiness women. I want to sale my Streedhan (Gold). After that i want to use that cash in my bussiness as my capital. can I do this. If Yes Capital gain tax is applicable on transaction. If Yes then how to calulate this capital gain on sale of gold. what is the formula to calulate.
presume gpld is long term held for more than 36 months from the sale consideration you have to deduct indexed cost of acquistion for that you need to know that cost
the formula is sale consideration*CII in the year of transfer/CII in the year of purchase
CII -Cost Inflation Index
for example if your cost of acquisition(coa) is 1 lakhs during the year 87-88 (cii - 150) and you sold that during 16-17 (cii - 1125) for 25 lakhs . then your indexed cost of acquisition is (100000 *1125)/150 = 750000 and your capital gain will be 25 lakhs minus 7.5 lakhs = 17.5 lakhs
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