Selling Gold in Chennai? Know the Tax Rules Before You Decide
Chennai residents planning to sell their gold or silver for urgent financial needs should be aware of capital gains tax rules. The tax you pay depends on how long you have held the asset. If gold or silver is sold within 24 months of purchase, the profit is treated as short-term capital gain and taxed as per your income tax slab. For those in the 30% bracket, this can go up to 31.2% including cess.
However, if the asset is sold after 24 months, it qualifies as long-term capital gain and is taxed at 12.5% (around 13% with cess). For example, on a profit of ₹2 lakh, selling before 24 months could result in about ₹62,400 in tax, while selling after 24 months would attract only around ₹26,000. Even a difference of one or two months can help save thousands in taxes. Experts advise checking the holding period carefully before selling gold in Chennai.
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