CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Capital Gains on Sale of Furniture

This query is : Resolved 

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


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.

Furniture is excluded from the defination of capital asset. So, there ia no Capital Gain.

furniture is not capita assets


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


Click here to login now



Similar Resolved Queries :





Trending Tags
esic
tcs
ca exams may 2020
gst return
coronavirus
gst
income tax
pm cares fund
csr
accounts
exams
Others
ca students
ca exams
itr
career
ca
tds
icai
itc
eway bill
taxpayers
Info Technology
llp
Professional Resource
epf
close
GST Live Class

FM by Grant Thornton    |    x