Dear Sir/Madam,
Please note my mother (56 Years old) is a housewife & have no source of income. Last month she has sold her jewellery which she had got from her mother in law after her death in 1992. So I am requesting you please tell me now she has to file income tax return if yes then how much capital gain tax she has to pay.
She has received Rs. 550000 after selling the whole jewellery.
Please advice me if the capital gain on sold gold jewellery is 256000 after calculation then my mother have to file income tax returns and have to pay capital gain tax 20% on 56000 = 11200 (256000-200000 = 56000) because as per the income tax basic exemption limit is Rs. 200,000 for resident woman below 60 years of age for AY 2013-14.
Please reply me accordingly.
CAclubindia
