Selling inherited gold? Income tax rules you should know
In India, no income tax is levied on inheritance of gold but subsequent sale of the inherited gold is taxable
Taxpayers should maintain the documentation on inherited gold: Tax experts
Gold prices have hit new highs in India. If you are looking to cash in on higher prices, you should know the income tax implications. Apart from physical forms like jewellery, coins and bars, gold can also be held in electronic forms like gold ETFs or exchange traded funds (ETFs), gold mutual funds and sovereign gold bonds. Income tax rules levied on sale of gold also depends on the form of gold holding and time period of holding.