Capital gain on furniture, personal asset
This query is : Resolved
01 May 2014
Aperson sold furniture for Rs. 1 crore, such furniture is use for personal purpose.
What should be its effect?
will it be taxable under capital gain?
Or fully exempt?
What should be its effect?
will it be taxable under capital gain?
Or fully exempt?
01 May 2014
it is full exempt as furniture used for personal use is not considered as a capital asset.
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