Capital Gains on Sale of Furniture

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Shreyas Trivedi (Querist)
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24 May 2007 An assessee has sold a residential flat along with furniture and fixtures, the sales consideration for which is available seprately. However no details of separate cost of acquistition of furniture is available neither is any details of seprate cost of making the furniture is available.

Please advise on the above at your earliest

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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24 May 2007 Since furniture is for personal use it is outside the defination of capital asset , as such capital gains can not be levied . The entire receipt on sale of furniture for personal use on which no depreciation has been charged is capital receipt not liable for taxation .Refer to section 2(14) of the Income Tax Act.

Sanjeev Mittal

Sanjeev Mittal (Expert)
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08 June 2007 Furniture is excluded from the defination of capital asset. So, there ia no Capital Gain.

PR Choudahry

PR Choudahry (Expert)
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10 June 2007 furniture is not capita assets

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