if a person sells his kidney for rs 50 lakhs then where will he show this income capital gain business profession other sources
if a person sells his kidney for rs 50 lakhs then where will he show this income capital gain business profession other sources
| Originally posted by : Saurabh Malpani | ||
 |
if a person sells his kidney for50 lakhs then where will he show this income capital gain business profession other sources |
 |
It is illegal to sell a kidney (atleast in india)
So it would be bettter not to show inbooks :D
As per the rule the specified income to b shown under Income from other sources but usually people do not show it as it is illegal income.
Income from Salary: NO
Income from House Property: NO
Income from Business or Profession:NO
Capital Loss:nope
So Income from Other Sources would be an appropriate head according to me 
suppose X purchase a man Y and treatng it as his capital asset as X purchased it
X purchased Y only for selling kidney to earn profit
now what will be the head
do we need to provide depreciation? :P
Saurabh,
From the above further query by you it does'nt seem that Y is capital asset(as X purchased it only for Y's kidney,and not Y)
Also Y doesnt seem to be any more useful thing.So No Depreciation !!!
In this case no treatment in income tax law. so become exempt
according to income tax act, any kind of income (except those exmpted by law) is taxable.. it has nothing to do with its legality or illegality.... so its taxable under income from other sources... 
TAXABLE UNDER IFOS..INCOME INCUDES LEGAL AS WELL AS ILLEGAL INCOME...
MR Saurabh Malpani. .. Please don’t ask stupid Q...first read the definition of capital asset as per Income tax...!! u will get ur answer..!!
In my opinion, It shouldn't not considered as 'income'.So it is not taxable.
INCOME TAX IS LEVIED ON INCOME WHETHER IT LEGEL INCOME OR NOT.AND I THINKS FROCEEDS FROM SELLING OF KIDNEY IS TREATED AS A CASUAL INCOME IN THE HAND OF RECEIVER THEREFORE 30% TAX CHARGED
CAclubindia
