Gold Jewelry Received As A Gift Is Taxed, Understand The Rules 18 July 2023

India Is One Of The Countries In The World Where Gold Consumption Is Very High, Traditionally Gold Jewelry Has Been The Choice Of Indians.

People Also Give The Most Preference To Gold Jewelry For Gifting To Close People On Occasions Like Marriage And Birthday.

You Will Be Surprised To Know That Such Jewelry Given As A Gift Is Not Tax Free, After A Limit, Tax Liability Is Also Made On Them.

Gold Ornaments Received As Gifts From Family Members On Occasions Such As Marriage Anniversaries Or Birthdays Are Tax-Free

Gold Ornaments That Are Inherited From One Generation To Another Do Not Attract Tax, But Are Taxed When Sold.

In Such Cases, Long-Term Capital Gain Tax Liability Arises. Holding Period Is Taken Into Account For Computing Capital Gain Tax.

For Example, On Your Marriage, Your Mother Gifted Gold Ornaments To Her, She Got These Ornaments On Her Marriage From Her Father I.E. Your Maternal Grandfather.

If Your Maternal Grandfather Had Bought These Ornaments For Rs 1 Lakh During His Time, Then The Initial Value Of These Ornaments Will Be Taken As Rs 1 Lakh For Determining The Capital Gain.

After This, Capital Gain Will Be Deducted By Deducting Rs 1 Lakh From The Present Value Of The Jewelry, On Which Tax Liability Will Be Created.

Long Term Capital Gains Tax If The Holding Period Is More Than 36 Months And Short Term Capital Gains Tax If It Is Less Than 36 Months

Next After Seeing The Photo Of World Women Brigade With Nirmala, Pm Modi Wrote This Thing Find Out More