Dear all cci friends,
There was a sale transaction of GOLD by an assessee to his friend at the end of the february month 2018.
my doubts are
1) how to take purchase cost of this gold - as the gold was received from his ancestors on various occassions?
2) if i have to take market value as on 1.4.2000 for this gold as a pirchase cost - then where i will get those values..
3) after calculating, if it results in long term capital gain he is interested to invest in bonds to save tax liability (he is NRI - IS nri can purchase bonds). if he can purchase then how to approach to buy n if he cannot purchase then is there any alternative to save tax liability.
If you dont know about the orginal cost then you can consider the market price of gold at 1.4.2000
You can use the benefit of these sections 54 F , 54 EC, 54 EE, 54 EA
refer this link https://finotax.com/income-tax/info/cg-deductions
CAclubindia
