Short-Term vs Long-Term
Under the rules introduced in July 2024, physical gold held for more than 24 months is treated as long-term and gains are taxed at 12.5% without indexation. Gold held for 24 months or less is short-term and gains are added to your income and taxed at your slab rate.
Inherited Gold
For inherited jewellery, the holding period and cost generally relate to the original owner. Keep any old bills or records you have.
This is general information, not tax advice. Tax rules change — consult a CA.