Gold Tax: When and how much tax is levied on gold ornaments found in gifts, know some important rules
On occasions like weddings and birthdays, people consider gold jewelry to be the most appropriate to give gifts to close people. But do you know that such jewelry given in the gift is not tax free. After a limit, these ornaments also become taxable. And if you do not pay tax, then you can also be booked for tax evasion. Arjun Gupta, founder of ‘Clear Tax’, a digital platform that gives suggestions and solutions in tax matters, has said that tax liability is created in cases of Long Term Capital Gain. The day the family gifted you bought the gold, it is counted from that day. Watch this video for more information.
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