Inheritance

GIFT IS TAXABLE ONLY IF IT IS GIVEN IN THE FORM OF MONEY U/S 56...........

UR QUERY SEEMS TO BE REGARDING WHETHER CAP. GAINS IS CHARGEABLE ON ANY SUCH TRANSFER.........

(1) Sec.47 exempts tranfer in the nature of gift

(2) Sec.47 exempts tranfer which is in the nature of inheritance.

(3) for this query, not sure...........

Can The Person Include the Gold Received in his stock

Yes Pranay, now i understood.......

The gold recieved as gift or inheritance can very well be taken as a stock of the business...........

Now, when the said stock is sold, since the transaction will certainly be related to business, no capital gain is attracted............

the income will be a usual business income as the assessee will be selling the stock as in normal course..........and for the purpose of this, the cost of this gold will be taken to be nil as the assesseee received it as a gift/inheritance.............NO CAPITAL GAIN CAN ARISE NEITHER TO THE TRANSFERER (WHO GIVEN GIFT/INHERITANCE) by virtue of Sec.47 and NOR TO THE TRANSFEREE AS THE ASSET RECIEVED IS STOCK AND HE WILL BE SELLING IT AS STOCK ONLY............THANX