My wife and I received gold jewelry and also some gold coins as gifts when we got married several years ago. Now looking at the gold prices, we are considering selling some of it.
1. Can jewelry be converted to eGold? We want to convert to eGold and sell because when you try to sell to jewelers they charge some percentage (I think 10%) and that would be our loss. Better to conver to eGold and sell, is it not?
2. Can the gold coins be converted to eGold? If the answer for jewelry was no, then maybe we can convert/exchange the jewelry for gold coins/biscuits/etc. and then convert to eGold?
3. If we finally convert to eGold and sell online, will the amount we receive from the sale be taxable? Also this was all received as a gift during marriage which (I think) is tax free, is it not?
4. If none of the above eGold options are beneficial according to you, then please suggest the best method to sell with maximum benefit.
Thanks,
Ram.