• Sale of jewellery of marriage (tax planning)

Hi Sir,

My aunt did expired and now the jewellery (from marriage 1967) needs to be sold off. 
How tax liability can be avoided or reduced ? She used to file return within exemption limit.

Parag Agarwal
Asked 4 years ago in Income Tax from Delhi, Delhi

Hi Parag

In the present case you need to declare capital gains tax arrived after indexation as provided in The Income tax Act in case of sale of jewellery . Incase of further calculation please provide details on modani005@gmail.com

Shyam Sunder Modani
CA, Hyderabad
1408 Answers
114 Consultations

5.0 on 5.0

Yes reinvestment option is available U/s.54 in case of sale of capital asset. The purchase of gold recently or otherwie will depend on the proofs you provide.

Shyam Sunder Modani
CA, Hyderabad
1408 Answers
114 Consultations

5.0 on 5.0

What is the evidence for purchase of jewelry and source of investment 5 or 7 years back.

Investment option u/s 54F is available.

Vijay N. Kale
CA, Hyderabad
248 Answers
13 Consultations

4.9 on 5.0

You can invest in amount in a residential property or in NHAI bonds or construction of a residential property.

Shashank Surana
CA, Chennai
60 Answers
4 Consultations

4.3 on 5.0

Your Aunt has expired. How many legal heirs she has? If she has more than one legal heir, the answer would be different and tax planning would also be different.

Sagar Jayawant
CA, Thane
27 Answers
8 Consultations

5.0 on 5.0

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