Capital Gains on Sale of Furniture
This query is : Resolved
Shreyas Trivedi
(Querist)
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
Please advise on the above at your earliest
Late CA Sampat Jain
(Expert)
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
(Expert)
08 June 2007
Furniture is excluded from the defination of capital asset. So, there ia no Capital Gain.
PR Choudahry
(Expert)
10 June 2007
furniture is not capita assets
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