Have You Sold Gold? Here’s Why You Should Show It In Your Tax Returns

Gold in any form is liable to capital gains tax or capital gains losses and must be mentioned in the income tax returns. Often folks might be tempted to sell broken gold jewellery, which has been there for many years and may forget to mention the profit on the same. It does not matter when it was bought or what kind of gold product or instrument, one has to pay capital gains tax if there is a profit.

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Also, it does not matter if a person has bought gold coins, gold jewellery, gold bars or paper form of gold including Gold ETFs.

Even if you have incurred a loss it's appropriate to mention the same in your tax returns.

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