The
people who have to sell gold online or offline they have any queries
regarding this trade it can be about the returns, it can be about
services, many have a thought to get the best cost but all have a
common thing that everyone has to go through at the time of buying or
selling but many people are unaware of this fact. Yes, we are talking
about “tax” shocked? Yes, you are shocked because you haven t
thought that you will have to pay the debt at the time of selling
your jewelry, but it is a truth we have to keep knowledge about this.
In
India taxes are different at different scales so it can be quite
possible that sometimes you don’t have to pay if you want cash for gold.
There can be many illegal ways to save this amount and there can be
some tricks that can also make you free from this amount, but this
our duty to be concerned and must not miss it because this given
money is returned to us in many ways. Serve your country by giving
this small amount and be proud of it.
The
paying of taxes on selling of precious yellow metal does not depend
on its quantity or you can say a very little dependency on its mass
but still if you have to sell jewelry there is a rule if it is long
term gold then the charge payable will be 20.8% of the cost you are
getting but if it is new then it will be taken on the basis of your
income slabs. So at the time, you think to sell gold
you have to be confirmed about the long term or new.
How to decide the long term or new?
The
jewelry that has been purchased before three years are known as long
term and will have to pay 20.8% as per surcharge and the precious
yellow metal not crossing this limit will be taken as new purchased
and will be charged depending on your income and other investments
that you have made
So
this can be a helpful answer to your question.
