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Saturday 19 January 2013

Gold bond certificate – Treated as asset, sale consideration liable to be taxed as short term capital gain.


Gold received by assessee on redemption of gold bond certificates issued under Gold Deposit Scheme, 1999, is a new asset. Therefore, when assessee sold said gold within a period of twelve months from date of its acquisition, income arising from sale transaction was to be taxed as short‐term capital gain. (AY 2008‐09)
Shiv Kumar Agrawal v. DCIT (2012) 139 ITD 572 (Agra)(Trib.)

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