Can any one explain me how to save tax on sale of gold.?
Except U/s 54.
2 Replies
veeru sagar
(BBE,M.com,CA Final )
(468 Points)
Replied 07 June 2013
DEAR AMIT
you can also opt the sec54EC which is capital gain not to be charged on investment in certain bonds(sec.54EC)
(1) bonds issue by national highway authority of indi
(2) bonds issue byRural electrification corporation ltd
Ishan kewlani
(Article)
(172 Points)
Replied 08 June 2013
Can go for gold deposit bonds. U can go to the designated banks & convert the value of gold into the bonds. These bonds are specifically excluded from defination of capital assets. So on sale of these bonds u r not liable for capital gain. On sale of the bonds u can claim the market value of gold or can ask for gold i.e upto how much grams u have given to bank, only thing is that the form of gold would change it won't be the same which you have given. & if u r keeping this bond for a period it will fetch u 2 % interest p.a which is also exempt. Moreover these bonds are also not included for purpose of wealth tax. So i think this is the best option to convert the gold into bonds & sale the same. Or Can go for Bonus stripping of shares.
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