Capital asset or not
This query is : Resolved
14 September 2012
if i purchase a furniture costing rs 1000 for personal use and then sutdded 2 diamonds costing rs 1 lakh then it will be personal or capital asseet and wat will be the cost of aquisition
14 September 2012
Personal assets are NOT covered in the definition of capital asset.
However, personal assets DO NOT include jewellery. Jewellery includes precious stones studded in any asset.
Accordingly your diamond studded furniture is a capital asset.
The cost of acquisitions shall be Rs. 1,000 and cost of improvement shall be Rs. 1,00,000
However, personal assets DO NOT include jewellery. Jewellery includes precious stones studded in any asset.
Accordingly your diamond studded furniture is a capital asset.
The cost of acquisitions shall be Rs. 1,000 and cost of improvement shall be Rs. 1,00,000
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14 September 2012
toal cost will become 201000
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