Planning to sell your gold, diamond, silver, and other jewellery? Know income tax rules here
Live MintIs long-term capital gain from the sale of jewellery taxable for an individual whose income is lower than the basic exemption limit? Jewellery profits taxed as long-term or short-term capital gains based on holding period The holding period to make a capital asset, long-term or short-term, differs for different classes of capital assets. The long-term capital gains, however, are taxed at a flat rate of 20% after indexation if the jewellery was sold before the 23rd of July 2024. In case the other income excluding such long-term capital gains is below the applicable exemption limit, and you are a resident for tax purposes, you are allowed to set off such long-term capital gains against such shortfall in basic exemption and have to pay tax only on the balance long term capital gains. You can claim exemption from paying long-term capital gains tax on jewellery if you invest the net sale proceeds in the purchase or construction of a residential house in India within a prescribed period, subject to the fulfilment of certain other conditions.
History of this topic
Do You Keep Gold At Home? Know The Holding Limits In India To Avoid Tax Scrutiny
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How much gold you can keep at home? Limits and income tax rules explained
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Sale of jewellery: Income tax rules on gains explained
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Budget 2020: Income tax rules on gains from gold, property sale, stocks likely to change; tax treatment for LTCG may be revised
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