Pls advise what is the current rules to calculate long term capital again on sale of ancestral gold.Can we invest in 54Ec bonds to
avoid tax.
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Long terms capital gain on sale of gold in oct 2018
Replies (5)
Caluclate the long term capital gain by taking the value of gold as on 2001-02
Yes u can invest in 54ec
Section 54EC is allowed in case the transferred asset is a long term asset being Land, Building or Both.
The section is not applicable when the consideration is received from transfer of long term capital asset being a jewellary i.e Gold.
I think the deduction cannot be claimed u/s 54EC if you invest the money in NHAI / RECL Bonds.
w. e. f. 01.04.2018 exemption under section 54EC restricting its scope only to capital gains arising from long-term capital assets, being land or building or both.
So LTCG on sale of gold is taxable @ 20% with no exemption u/s 54EC.
So LTCG on sale of gold is taxable @ 20% with no exemption u/s 54EC.
Thanks for updating...
Thk you all for your inputs.
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