Business
Selling Family Gold? Here’s The Tax Rule Every Indian Must Know
In Indian households, gold holds a place far beyond its shine. It’s not only a precious metal but also a symbol of tradition, prosperity, and financial security. For generations, families have passed it down as heirlooms—especially during weddings, festivals, and milestones. Along with its emotional value, gold offers financial assurance. But when the time comes to sell inherited gold, understanding the tax rules behind it is crucial. Because selling gold isn’t just about cashing in—it can also mean paying taxes on the gains.
Under Indian tax laws, inherited gold is treated as a Capital Asset. This means that when you sell it, the profit you earn is subject to Capital Gains Tax. Here’s the key difference—while calculating gains, the purchase date and price of the original owner (your parent, grandparent, etc.) are considered, not the date you inherited it. Example: If your grandmother bought gold in 1981 and passed it down to you, the 1981 purchase price and date will be used for tax calculation.
If the gold was purchased before April 1, 2001, you can use the Fair Market Value (FMV) on that date instead of the original purchase price—helpful if no old records exist.
Tax depends on how long the gold was held. Earlier, gold had to be held for 36 months to qualify as long-term. Now, 24 months is enough, as per the Finance Act 2024. Gold held over 24 months is taxed at 12.5% (without indexation). Gold sold within 24 months is taxed as per the income tax slabs.
Gold vs Other Investments Investors often compare gold with stocks (Nifty50) or Fixed Deposits (FDs). Over the past decade: Gold has often outperformed FDs. Stocks may give higher returns but carry more risk. Gold remains a stable long-term investment, and even with a 12.5% tax, the net gain can be significant.
Often, inherited gold comes without receipts. In that case, you can: Get a valuation report from a certified jeweller. Use historical gold prices from the local jewellers’ association. Tax authorities accept both as valid documentation.
Selling inherited gold will attract tax, but the good news is—long-term holdings are taxed at a lower rate, and the profit margin usually stays strong. With the right paperwork—valuation reports, FMV records, or receipts—the tax process becomes simple.
It is thought that thousands of people may have lost their jobs at Oracle, one of the world’s largest tech companies.
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The US-Israel Iran war has halted almost all traffic in a key waterway and the price Brent crude has surged.
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Crunch talks between resident doctors and the Government are set to continue in a bid to avert strike action.
Sir Keir Starmer has given the resident doctors committee of the British Medical Association (BMA) a deadline to reconsider a deal on pay and jobs which includes an offer of thousands of extra NHS training posts.
It is understood the proposal will be removed from the deal if resident doctors in England press ahead with a six-day strike from April 7 in a row over jobs and pay.
Dr Jack Fletcher, chairman of the resident doctors committee of the union, said: “It is wrong for Government to withhold desperately-needed jobs as part of negotiating tactics.
“Anyone who works in the NHS knows that patients need these 4,000 jobs created as soon as possible.
“We made that very clear to Government in our meetings today.
“We are not interested in arbitrary deadlines – we will be looking to get this dispute ended right up to the last minute.
“We believe there is a deal there to be done if Government is willing to withdraw the changes it made at the last minute that reduced the funding for pay rises. Talks continue.”
It comes as senior medics announced they were escalating their disputes with the Government.
Consultants and other senior doctors are to be balloted on industrial action after ministers announced they would be getting a 3.5% pay award.
Simultaneous ballots of consultants and specialist, associate specialist and specialty (SAS) doctors will run from May 11 until July 6.
Addressing resident doctors, Prime Minister Sir Keir Starmer wrote in The Times: “The truth is this: no-one benefits from rejecting this deal.
“Resident doctors will be worse off. Instead of improved pay, progression and support, they will receive the standard pay award this year, with none of the reforms that would have strengthened their working lives.”
The deal sets out a minimum of 4,000 new additional specialty posts to be delivered over the next three years.
NHS England boss Sir Jim Mackey confirmed the offer to expand training places will “come off the table” if an agreement is not reached.
The walkout, which is due to run from 7am on April 7 until 6.59am on April 13, will be the 15th round of strikes by resident doctors in England since 2023.
In a letter to health leaders, Mike Prentice, national director for emergency planning at NHS England, wrote: “We expect this round to be challenging as there is a shorter notice period, bank holidays within the notice period and the action itself falling during the Easter holidays.
“This will represent a significant strain on staffing resources to provide safe cover.”
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