WebSep 19, 2014 · Sandeep Surana (Practicing Chartered Accountant) (156 Points) Replied 01 July 2011. As you say gold jewellary received from your ancestor before 30-40 year, that mean before 01/04/1981 and as per income tax provisions if any assets which is acquired before 01/04/1981, firstly you find the Fair Market Value (FMV) as on 01/04/1981. and … WebFeb 3, 2024 · Suppose the current sale price Rs. 75 lakhs, then the capital gain = 75- 36 ~ 39 Lakhs. A tax of 20% (+cess) has to be paid on this amount. Post-budget capital gains tax computation: The post-budget rule is to use the fair market value on April 2001 as the purchase price. The property was purchased for Rs. 5 Lakh in FY 1988-89.
Capital Gains Tax On Sale Of Gold Or Silver - Bankrate
WebHere is a list of a few basic exemptions concerning long-term capital gains for the year 2024-2024 –. Resident individuals who are below 60 years with an annual income of Rs. 2.5 Lakh. Resident individuals who are 60 years or above with an annual income of Rs. 3 Lakh. WebSep 13, 2012 · A capital gains is the profit you have made on an investment when you sell the asset for more than what you paid for it, net of certain expenses. ... Since, Taxmantra.com in this article giving more emphasis on sale of ancestral gold. Thus, firstly it is important to know that when the gold had been acquired by you. Suppose, your … hallmark movie and mystery channel
Selling inherited, gifted gold? Know taxation rules
WebMar 25, 2024 · This is called the capital gains tax. And since gold is an investment asset, when you sell your gold and make a profit it is taxed as capital gains. Though, depending on how you held your gold, you will … WebApr 24, 2024 · Taxation on sale of inherited property. Law relating to acquisition, ownership and sale of property by a minor. Indexation: How it affects long-term capital gains tax calculations. Gift deed or a will: Which is a better option to transfer property. Things to keep in mind when inheriting a property. hallmark movie an old fashioned christmas