About capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2017 Sir,
An individual has sold some old utensils of copper and brass (tamba and pittal), of his mother’s time .
He has received around Rs. 30,000 from this sale.

Que.1 : Where to show this amount in Income Tax Return ? Under which head ?
Que.2: Should this amount be really shown in I.Tax return or not required ? Please guide in this confusion.
Que.3: Is this amount really his income ? or Capital ?
Que.4: If it is income, then ,
(i) Do this sale of old utensils attract Capital Gain ?
(ii) If yes, then how to decide capital gain ?
- The individual does not know when and at which price these utensils were purchased by their parents.
- He has no any invoice of their purchase. So he cannot arrive at the indexed cost .
- Thus, How to decide the capital gain ?

Please, guide and share your opinion.

Amol S Joglekar

Amol S Joglekar (Expert)
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20 June 2017 "personal effects" are not regarded as capital asset. So? No capital gain.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2017 SO...if the capital gain is not applicable here,
then should the amount received Rs. 30,000 be shown in income tax return as Income ?

If yes,
then under which head ?

Please guide.
Thanks.

Studentsca

Studentsca (Expert)
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20 June 2017 It will be added to capital account and not in income tax return.

Amol S Joglekar

Amol S Joglekar (Expert)
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21 June 2017 it is NOT income.
You can, if you insist, show it under exempt income

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