Capital gain on sale of gold

YES. It will be Taxable.

Jewellery is a capital asset which is subject to capital gains tax as per the Income-tax Act. As per section 49 of the Act, if an assessee acquired any asset by way of gift, the cost of the capital asset for the purpose of computing capital gains shall be the cost at which the previous owner acquired it.

You can take the MARKET RATE of the year when it was acquired (You can get this by the Gold Reckoner or even google search the rate at the year it was acquired) Multiplied by the Weight of the JEWELLERY and then take the indexation.. This will comparatively reduce the LTCG which will be then taxed @ 20%