The profit gained from the sale of gold is taxable under the 'Captial Gains' for individuals and in case of gold and jewellery Deales, it is taxable under 'Profits and gains of business or profession'.
The amount of tax liability and exemptions from payment of tax available will depends on how long you hold it.
If you buy gold or gold ornaments and sell it in 36 months, then it is considered short-term capital asset.
If you buy gold or gold ornaments and sell it in 36 months, then it is considered short-term capital asset.
If you buy gold or gold ornaments and sell after 36 months then three and g, it becomes a long-term capital asset.
No comments:
Post a Comment