yogesh sheth (director) 08 February 2010
Dear Sir,
I have sold old gold ornaments inherited from my ancestor long back without incurring any cost and recieved Rs 329000/- in this financial year.Now I wanted to know whether Iam liable for paying any capital gain on it, If yes kindly let me know the calculation of of the tax amount.
Regards,
YOGESH SHETH
A V Vishal (Advocate) 08 February 2010
THE COST OF THE JEWELLARY IS IMPORTANT TO CALCULATE THE CAPITAL GAINS ARISING OUT OF THE SALE, AS IT IS ANSECTRAL THE RATE PREVAILING AS AT 1-4-1981 SHOULD BE CONSIDERED FOR THE PURPOSE OF CALCULATION , THIS IS MULTIPLIED WITH THE NO OF TOLAS AND THE COST IS ARRIVED & ON THIS THE CAPITAL GAIN IS COMPUTED AFTER INDEXING THIS VALUE AND DEDUCTING IT FROM THE SALE PRICE, THE RESULTANT IS THE CAPITAL GAIN TAXABLE @ 20%.
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