Suppose A person receives gold as a gift from his Father which is purchased before 1981 the cost derived by taking the reckoner rates of gold comes to about 121329 so the value of gift comes to about 121329 so i have the following querries on this case
1) Is This Gift Taxable? As it is from Blood Relative (Father)
2) If This gold received Would Be in the form Of Inheritance on Death And not gift then what would be the Tax Implication ?
3) Now the person who has received the gold as gift/inheritance is a person whose business is of Purchasing & Selling of gold ornaments Can he include this gold in his stock and if Yes at what value at the cost of 1981 as it is purchased prior to 1981.
I mean to ask that whether while selling the Gold In Open Market Will he Have to pay Long term capital gain on the Gain derived after deducting Indexed Cost
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