Capital asset or not

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pratik bhojwani (Querist)
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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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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

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CA Amit Rajput

CA Amit Rajput (Expert)
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14 September 2012 toal cost will become 201000

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