Income Tax Rules Uncover Capital Gains Tax on Selling Inherited Gold Jewelry After Mother's Death
Business
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News18 Bangla•01/12/2025
Income Tax Rules Uncover Capital Gains Tax on Selling Inherited Gold Jewelry After Mother's Death
- •Selling inherited jewelry may require paying long-term capital gains tax.
- •Jewelry held for over 24 months is considered a long-term capital asset.
- •Long-term capital gains tax rate is 12.5%.
- •Jewelry purchased before April 1, 2001, uses FMV as the purchase price.
- •Failure to prove inheritance may result in a 60% tax penalty.
Why it matters: Selling inherited jewelry may trigger significant tax liabilities if not properly documented.
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