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Tax on Gold Assets: There has been a huge jump in the prices of gold in recent years. From the Akshaya Tritiya of 20 years ago to the Akshaya Tritiya of the current year, there has been a jump of 1000 per cent in the gold prices. Tax has to be paid on the long term capital gain that is made on selling gold profitably. But you can also save yourself from paying tax. Tax Deduction can be availed on the profit made on Long Term Capital Gains (LTCG) made on selling Gold Assets. This exemption can be obtained under section 54F of Income Tax.
If you hold gold assets for more than 36 months, long-term capital gains tax has to be paid on the profit made on selling them. But if the investor sells the gold asset within 36 months of its purchase, then short term capital gain is made on it. Long term capital gains tax on gold is 20 per cent with indexation benefit. While the short term profit gain on selling gold within a period of 3 years, the profit made on selling it is added to the income of the person. And according to the tax slab in which that person comes, tax is imposed on him. For example, if a person falls in the 30 per cent tax slab, then the difference between the purchase price and the sold price of gold will have to be paid at the rate of 30 per cent tax.
Under Section 54F of Income Tax, you can get tax exemption on the long-term capital gain that is made on selling Shares, Gold, Bonds except house property. But there are some conditions for this. If you buy a house property with the money you get from selling gold or spend it on the construction of a house, then tax exemption can be obtained under section 54F of Income Tax on the profit made on selling gold.
To save tax on the amount of profit made on selling gold, it will have to be used like this
1. You will have to buy a new residential property within one to two years of selling the gold.
2. Or you will have to get a new residential property constructed within three years of the amount received from selling gold.
3. The profit made on selling the gold asset can be saved from payment of long term capital gain tax even if it is invested in bonds of NHAI, REC. But for this one has to invest in these bonds within six months of selling the gold asset. The maximum investment limit in 54EC bonds is Rs 50,00,000.
4. If you assume that you are not able to spend the entire amount on buying or building a house before the date of filing income tax return, then you can deposit the amount received on selling gold in the capital gain account of any public sector bank. Are. And within the stipulated time limit, you can buy or get a new residential property constructed.
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