As the gold and diamond jewellery are ancestral property, the gain on transfer of the same will be chargeable to tax under the head "Long-Term Capital Gains". If the said gold and diamond jewellery is held prior to 01.04.1981, the fair market value of the said gold and jewellery is to be first determined, on the basis of the valuation report of the government approved valuer, which will be considered as cost of acquisition.
Thereafter, the indexed cost of acquisition is to be computed and the said indexed cost is to be reduced from the sale consideration to determine the long-term capital gains. If you wish to acquire a residential property out of the sale proceeds of the gold and diamond jewellery, then subject to complying with the provisions of Section 54F, the deduction from capital gains can be claimed.
------------------------------
Top 10 Tax Saver Mutual Funds to invest in India for 2016
Best 10 ELSS Mutual Funds in india for 2016
1. BNP Paribas Long Term Equity Fund
2. Axis Tax Saver Fund
3. Religare Tax Plan
4. DSP BlackRock Tax Saver Fund
5. Franklin India TaxShield
6. ICICI Prudential Long Term Equity Fund
7. IDFC Tax Advantage (ELSS) Fund
8. Birla Sun Life Tax Relief 96
9. Reliance Tax Saver (ELSS) Fund
10. Birla Sun Life Tax Plan
Invest in Best Performing 2016 Tax Saver Mutual Funds Online
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
------------------------------
Leave your comment with mail ID and we will answer them
OR
You can write to us at
PrajnaCapital [at] Gmail [dot] Com
OR
Leave a missed Call on 94 8300 8300
------------------------------
Posts
No comments:
Post a Comment