Capital Gain on Sale of Jewelry & investing in 2'nd house


I want to sell my Jewelry got as gift in marriage (with no invoice) and want to invest in property. My questions are- 1. Can i avail capital gain benefit for buying 2'nd house? 2. As i dont have any receipt of purchase, can you i refer Market fair value to calculate Capital Gain or receipts are mandatory?

asked Oct 01 '11 at 16:10 by Sarajee 1111

Receipts won't be mandatory and you may compute long term capital gains based on gold prices on purchase date.

Income tax can be saved on long term capital gains by investing into new house property u/s 54F.

Following conditions have to be fulfilled:

  1. Possession of new property must be taken within two years from sale of gold assets. Or new house can be constructed within three years of sale.
  2. You should not be owning more than one residential house(flat/house/apartment) at the time of buying new property.
  3. If total residential houses owned by you is two (including new property), you should not buy another one within next three years of purchase. Or in next three years, total owned residential houses should not be more than two.
  4. New property should not be sold before next three years.

answered Oct 02 '11 at 14:28 by Pankaj Batra 5.2k320


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Asked: Oct 01 '11 at 16:10

Seen: 2,272 times

Last updated: Oct 02 '11 at 14:28