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How much tax do I have to pay on selling inherited gold
16-Feb-2023 (In Tax Law)
My grandfather just handed over 1 kg gold brick to me saying that he inherited it from his father. How much tax do i have to pay if I decide to sell it in the market?
"Jewellery qualifies to be a capital asset according to the tax laws in India. Any income arising from its sale will be taxed as capital gains.
In view of the fact that the capital asset is held for more than 36 months, the gain from its sale would be taxable as long term capital gains and benefit of indexation will be available.
The amount received on sale of jewellery is regarded as full value of consideration in order to compute the capital gains. Fair Market Value of jewellery as on April 1,1981 can be considered as the cost of acquisition of the assessee since the asset was acquired prior to April 1,1981. There are authorised valuers who can assist in calculating this value.
Capital gains so computed may be claimed as exempt in case it is invested in accordance with the terms and conditions as specified under section 54EC (i.e. the gain is invested in the long term specified asset) or/and section 54F (i.e. purchase/construction of residential house) etc. of the I-T Act, 1961."
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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