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Chitransh Jain

Chitransh Jain (Querist)

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

Guest

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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