sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Sales Tax »
 Clarification on Cash sale of agricultural produce by Cultivators/Agriculturists
 Short-term capital gains are taxable at income tax slab rates in the year of sale
 India imposes regressive nationwide sales tax
 Modification of Circular No.1 of 2014 in view of substitution of Service Tax by Goods and Services Tax (GST).
 Assam government to dismantle all sales tax check-gates post Goods and Services Tax
 Income tax: How to calculate capital gains tax on sale of old jewellery
 Six arrested for posing as Sales Tax officers, extorting money
 Insurance Agency Mergers and Acquisitions in Q1 "Explode," OPTIS Partners' Report Reveals
 Sales tax sleuths raid spare parts shops in Meerut's infamous Sotiganj market
 Income Tax: How offshore income could be taxed twice
 India finalises bills to launch new sales tax in July
 NMC to implement new tax system from Apr 1a
 13 per cent sales tax boost post demonetisationa
 Arun Jaitley May Lower Corporate And Income Tax Rates But Hike The Service Tax Rate
 Tax on high seas sales becomes dispute area

Income tax: How to calculate capital gains tax on sale of old jewellery
May, 02nd 2017

Q. Last year, I had sold my old jewellery which was given to me by my in-laws in 1990 on my marriage. I got Rs 4.26 lakh by selling the jewellery but I do not have any proof of the purchase price in 1990. How much capital gains tax is due and is there any tax exemption for this?

– Neelima Sharma

A. Capital gain is the excess of sale price over the cost of acquisition. In case of gifts, the cost of acquisition of the asset will be the cost to the previous owner. In the given situation, as the cost price is unavailable, the cost of acquisition will be its fair market value as on the date of purchase by your in-laws. This will be further indexed to make up for the inflation over the years.

Exemption from long-term capital gains can be claimed by investing in bonds issued by Rural Electrification Corporation Limited or National Highways Authority of India or by investing in a residential house property. These exemptions are available subject to fulfillment of certain conditions.

Q. My mother is 90 years old. We tried to get her Aadhaar card issued, but the system does not accept her fingerprints. How do we file her income tax returns in such a situation?

– Swati Kotwal

A. Since biometric device was not accepting your mother’s fingerprint while enrolling for Aadhaar number, the following options are available:-
a) File the return of income before June 30, 2017 for this year.
You might also want to see this:

b) Generally, the suggestion given by the Aadhaar helpline is to ask the operator to deactivate the fingerprint option from UID and process it with IRIS scan only.
In this way, Aadhaar card will consist of name, address, government ID number and iris scan of eyes for bio-metric identification.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Wholesale Silver Jewelry

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions