Now Reading: 5 things to check before selling inherited gold jewellery
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5 things to check before selling inherited gold jewellery
The Story in Brief
Inherited gold jewellery, from old bangles to wedding necklaces, can be worth lakhs, but deciding what to do with it involves more than checking the latest gold price. ET Online advises first assessing the gold's purity by checking hallmark details or getting it tested at a BIS-recognised Assaying and Hallmarking Centre, as old jewellery is not automatically 22-karat gold.
Selling may be worthwhile for an important expense, but the advertised rate is not the final payout, buyers assess purity, net gold weight and apply deductions. Getting written quotations from at least two or three reputable jewellers is recommended. Exchanging old gold for new jewellery can be convenient but may include hidden costs such as making charges and GST, so a written breakdown should be sought.
Receiving gold through inheritance is generally not taxable as income, but selling it later can trigger capital gains tax, where the previous owner's acquisition cost and holding period matter. The article uses an illustration: 20 grams at Rs 10,000 per gram would give an indicative metal value of Rs 2,00,000 before any deductions.
Indian Opinion Analysis
The article walks readers through five practical checks but leaves the tax calculation unresolved, noting that special rules apply when original purchase records are unavailable. For most families, the key gap is knowing the previous owner's acquisition cost and holding period, which determines the capital gains liability. The illustrative Rs 2,00,000 value for 20 grams of gold is a reminder that the actual payout hinges on verified purity and jeweller-specific deductions, not a headline rate. The advice to compare written offers across multiple jewellers remains the most actionable step for any reader holding inherited jewellery.
The story does not name any next step beyond the reader's own due diligence, but it implies that a sale, exchange or retention decision should wait until the purity is certified and at least two quotations are obtained.
Source: economictimes.indiatimes.com
This brief was synthesised by AI from the source linked above. Methodology and corrections.
