banner_ad

Capital Gains on Sale of Furniture

This query is : Resolved 
Profile Image

Profile Image

(Querist)
24 May 2007 An assessee has sold a residential flat along with furniture and fixtures, the sales consideration for which is available seprately. However no details of separate cost of acquistition of furniture is available neither is any details of seprate cost of making the furniture is available.

Please advise on the above at your earliest
Profile Image

Late CA Sampat Jain

Profile Image

Late CA Sampat Jain (Expert)
24 May 2007 Since furniture is for personal use it is outside the defination of capital asset , as such capital gains can not be levied . The entire receipt on sale of furniture for personal use on which no depreciation has been charged is capital receipt not liable for taxation .Refer to section 2(14) of the Income Tax Act.
Profile Image

Sanjeev Mittal

Profile Image

Sanjeev Mittal (Expert)
08 June 2007 Furniture is excluded from the defination of capital asset. So, there ia no Capital Gain.
Profile Image

PR Choudahry

Profile Image

PR Choudahry (Expert)
10 June 2007 furniture is not capita assets
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details