Capital asset

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Chitransh Jain

Chitransh Jain (Querist)
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11 November 2013 Are household utensils made of silver and used on daily basis be treated as capital asset?

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Guest (Expert)

11 November 2013 Yes they will be called Capital Assest.

As per section 2(14)
Capital assest

Explanation.—For the purposes of this sub-clause, "jewellery" includes—

(a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel;

(b) precious or semi-precious stones, whether or not set in any furniture, utensil or other article or worked or sewn into any wearing apparel;]

Conclusion:- They are capital assest

Regards
CA Ashish Barthwal

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