Hello sir, Iam a housewife and my husband is working as a software engineer. In March 2019 I sold my gold jewellery for 1 lakh, should I pay tax for it please let me know. Really appreciate your help Thanks
Being a house wife do you have any other other income?
If no then since your total income would definitely be less than 2.5 lakh you dont need to pay tax or file return of income.
IF you need any further assistance feel free to contact.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Yes, capital gain is chargeable on sale of gold jewelry.
However, if you don't have any other income, you don't need to pay tax on it as income upto 2.5 lacs an year is exempt from tax.
It's recommend that you file a return of income.
Hi
Yes it will be taxable.If hold for more than 36 month then LTCG will be there ,otherwise STCG.
Sale of jewelry is liable to tax. But according to me , since you gave basic exemption limit if RS 250000.00 you are not liable to pay tax. Hope you don't have any other income.
My husband is working but I don’t have any other source of income . So should we pay tax for the sold gold
No you don't need to pay any tax.
No madam. Hope value of jewellery is less than 2.5 l. Don't worry no need to pay tax.
In that case, there would be no taxes to be paid.
However, you may file the income tax return showing such capital gain.
Dear Ma'am,
Hope you are doing well !!
The capital gain tax liability will arise on sale of jewellery.
The long term capital gain is computed by reducing indexed cost from the net selling price realized.
However, in your income, there will be no tax liability as your taxable income is below exemption limit.
Hi,
- As you have said that you don't have any other source of income then you are not required to pay tax on sale of gold jewellery as the sale consideration of Rs. 1 lacs in itself is less than basic exemption of Rs. 2.50 lacs.
- It is recommended to file ITR showing transaction of sale of gold jewellery.
Thanks
Sale of jewellery is ideally taxable under the capital gains, short term or long term depending on the period of holding.
However, for the period April 2018 to March 2019, since your total income is below taxable limit of RS 2,50,000 you need not pay any tax. It is advisable to file your return declaring your total income, though no tax liability exists.
Hello,
Yes, this sale of gold jewellery would be liable for capital gain.
But since this is your only income, you won’t be required to pay on it. However, it would be advisable to file your income tax return.
I hope this answer satisfies your requirement.
Regards,
CA Hunny Badlani
No madam,
If you dont have any other income you dont need to pay any capital gain tax
Hi
If no other source of income then no tax will be payable.
Hi,
No, you do not need to pay any tax.
The basic exemption limit for individuals below the age of 60 years is Rs.2.50 lakhs.
