Date of acquisition rule: redeemed gold treated as acquired on redemption; subsequent sale taxed as capital gain. Gold received on redemption of National Defence Gold Bonds is treated as acquired on the date of redemption, with cost of acquisition equal to the market value of the bonds on that date; whether gains on a later sale are short-term or long-term depends on the period between that redemption date (acquisition date) and the subsequent transfer.
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Provisions expressly mentioned in the judgment/order text.
Date of acquisition rule: redeemed gold treated as acquired on redemption; subsequent sale taxed as capital gain.
Gold received on redemption of National Defence Gold Bonds is treated as acquired on the date of redemption, with cost of acquisition equal to the market value of the bonds on that date; whether gains on a later sale are short-term or long-term depends on the period between that redemption date (acquisition date) and the subsequent transfer.
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