Gold Price Today: Gold Futures Bounce, Silver Also Rises
Gold Price Today: Gold futures bounce, silver also rises, know what is the price. The domestic futures prices of gold and silver are seen rising on Thursday morning.
The gold prices of December futures on the MCX exchange were seen trending at 0.48 percent, or Rs 129, on Thursday morning at Rs 48,642 per 10 grams.
Apart from this, the gold price of futures on February 5, 2021, was seen to be trending at Rs 48,595 per 10 grams with a gain of 0.20 percent or 99 rupees.
At the same time, globally, gold prices have seen an increase on Thursday morning.
Tax on Gold: Want to sell gold? Know how much tax is charged
Indians buy gold in four ways. First, the purchase of physical gold in the form of jewelery and coins. Second, gold mutual funds and exchange traded funds (ETFs).
Third, Digital Gold and fourth, Sovereign Gold Bond (SGB). When customers sell this gold, it is taxed, this tax depends on the form of gold.
If you are buying or selling gold, then you must know about this tax. Let us know in detail.
Tax on Jewelry and Coins
The tax on the sale of jewelery and coins depends on how long you have kept this gold with you. If you sell it within three years of buying gold, then that profit is considered short term.
It is treated in the same way as capital gains in debt funds. This short-term capital gain gets added to the buyer’s total income and is taxed according to his income tax slab.
If this gold is sold after three years of purchase, then that profit is considered as long term profit and it is charged 20% long term capital gains tax.
Tax on Gold ETF and Gold Mutual Funds
Talking about gold ETFs, they invest in physical gold to track the physical price of gold and gold mutual funds invest in gold ETFs.
Capital gains from both gold ETFs and gold mutual funds are taxable in the same way as physical gold.
Tax on SGB
Capital gains on maturity in sovereign gold bonds are completely tax free. However, if you exit the secondary market, then tax is levied just like physical gold.
Digital gold
Many banks, mobile wallets and brokerage companies partner with MMTC-PAMP or SafeGold to sell gold through apps. Capital gains received from them are also taxed like physical gold or Gold ETFs.
