Capital gain
This query is : Resolved
kushal.v.shah
(Querist)
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
(Expert)
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
(Querist)
12 February 2013
any section or circular or case law available?
Amol S Joglekar
(Expert)
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.
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