Please Help: Income Tax
Posted Date : 23-Dec-2011 , 04:40:05 pm | Posted By CA Vinod Kumar
If a woman is having gold jwellery which she got in dowry from her parents, now she sells this jwellery to any jeweler in the market at preavling market price.My question is that whether she will get any capital gain exemption on it or she has to pay capital gain tax at 20% like any other assesse.
I have confusion in this point that this transaction is exempt in Income Tax Act, 1961 because this is called "ISTRIDHAN" .Thanks
I have confusion in this point that this transaction is exempt in Income Tax Act, 1961 because this is called "ISTRIDHAN" .Thanks
Category : Income Tax | Answers : 1 | Comments : 2 | Hits : 314
Answers
Answer By: Ketan Samdani
Capital gain in above case will charged as per normal provisions of income tax act.
Comments
Rishabh Upadhyay
24-Dec-2011 , 12:41:10 pmAs per my thinking incometax act do not recognise the concept of dowry. . So we should treat it as a gift in marriage. . Once settled on this issue treatment of profit on sale of such jewellry will be as per provisions of section 56. .
PANKAJ BANSAL
26-Dec-2011 , 06:44:50 pmMr. Vinod Kumar, it will be charged to Capital Gain Tax, however the indexation will consider from the date of gift only