Jewellery is a capital asset as per sec 2(14) when I sell my personal jewellery will it attract capital gains Tax? if yes how to ascertain Cost if no then why it is said that this is a capital asset of moveable nature
5 Replies
Harsh Singhal
( )
(81 Points)
Replied 04 January 2017
Yes it will be taxable as per normal provisions. And to find out how to calculate the cost of a capital asset, better read out the law or google it out.
Rahul Shah
(Assistant Chartered Accountant)
(196 Points)
Replied 04 January 2017
Yes ,it will attract capital gain tax depending upon your period of holding.if you held the jewellery for more than 36 months, if you sell now it would give rise to only income from 'Long Term Capital Gains'.
Rahul Shah
(Assistant Chartered Accountant)
(196 Points)
Replied 04 January 2017
if you do not have cost of Jewellery than you will have to take cost as per section 48 i.e Fair market value at the time of Purchase.
Sourabh Jolly
(Oil & Gas Industry)
(111 Points)
Replied 04 January 2017
Yes, Its a capital asset and capital gain is levied on sale.
Shivam gupta
(student)
(263 Points)
Replied 04 January 2017
yes it will attract capital gain.
if, bills of jewellery are available then you can take COA accordingly.
if, bills of jewellery are available then you can take COA accordingly.
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