Gold Sale: Should I pay this tax to sell gold? why when | Telugu News


Gold Sale Should I Pay This Tax To Sell Gold Why When

Gold Sale: The name of gold has been changing recently. There is an increase in height beyond the reach of the common man. The gold of Libra will not fall below Rs.70 thousand. If there is a decrease, it is small. But even though gold prices are increasing, consumers' mind is not decreasing. Purchases are being made regardless of price. Especially since Akshaya Tritiya is coming on May 10, many people are buying in advance, thinking that the price of gold will be high on that day. But some are selling their hoarded gold as prices have risen. Many people don't know that they have to pay tax to sell gold. How about that?

Businessmen have to pay tax on their investments in the share market. Of this, 10 per cent on equity gains is payable to the government as long-term capital gains tax. A person spends more than Rs. 50 lakhs if invested Rs. 1 lakh has come. The government will tax it. This is called Long Term Capital Gain Tax Pay. Along with stocks, gold and silver are bought and stored for at least three years and then sold, then tax has to be paid on them. But short term capital gain tax is charged on these.

But it is not implemented in all countries. Moreover, tax is collected depending on the income of the individual. So don't assume that everyone pays the same tax. However, if the proceeds from the sale of gold are used to buy a house, it is exempt from tax under Section 54F of the Income Tax Act, 1961. But according to the rules there should be proper documents that this amount has been earmarked for the purchase of the house.

Sometimes, if a tax is incurred on gold bought and stored even if it is not taken for home use, a tax of 20 percent is levied on it. This deduction can be claimed in income tax. But here too there is exemption depending on the individual's income. In this case, if there are documents related to the purchase of the house before selling the jewellery, it can be easily avoided by claiming it in the income tax.

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