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Are Ancestral Jewellery and Property Gifts Taxable?





As the gold and diamond jewellery are ancestral property, the gain on transfer of the same will be chargeable to tax under the head "Long-Term Capital Gains". If the said gold and diamond jewellery is held prior to 01.04.1981, the fair market value of the said gold and jewellery is to be first determined, on the basis of the valuation report of the government approved valuer, which will be considered as cost of acquisition.


Thereafter, the indexed cost of acquisition is to be computed and the said indexed cost is to be reduced from the sale consideration to determine the long-term capital gains. If you wish to acquire a residential property out of the sale proceeds of the gold and diamond jewellery, then subject to complying with the provisions of Section 54F, the deduction from capital gains can be claimed.





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