Capital gain

This query is : Resolved

kushal.v.shah

kushal.v.shah (Querist)
Follow

12 February 2013 if we sell the membership of a club so it is liable for capital gain? provided we are not in the business of selling of membership. give your answer with relates circular,case study or section.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

12 February 2013 selling of membership has considered to be capital gain in many instances. BSE membership. Housing Society membership. If the member is allowed to sell membership, then it is liable for capital gain. If the club sells the membership, it is not liable for capital gain.

kushal.v.shah

kushal.v.shah (Querist)
Follow

12 February 2013 any section or circular or case law available?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

12 February 2013 for bse membership many case laws are available. But for club membership no such specific caselaw. It can be argued on the basis of "personal effect" if the the value is moderately reasonable. The reasonableness will differ from case to case.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

venkanna setty

shubham agrawal

R.Prashanth

Nilesh Matekar

Jayesh Pipalwa

Subscribe Now

Capital gain

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA