Hi
If the assessee sells the gold which was gifted to him by his father, what would be the tax implication ?
While computing capital gain, which year would be considered as year of indexation ? (Say his father has acquired gold in various years)
Thanks
As per my knowledge, the year in which each Ornament is purchased by your Father shall be considered for calculating the Indexed Cost of Acquisition of the Jewellery.
In case the Jewellery is purchased preceding 3 years, then at the time of selling the Jewellery Long Term Capital Gain shall arise which will be taxable @ 20% + education cess @ 3%.
Regards,
Devendra Kulkarni
The indexation of cost of acquisition will be on the year of purchase by the previous owner u/s 49
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