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Horse sale

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(Querist)
08 April 2023 If I purchased the horse in my personal effect and later on I transferred the same to my partnership firm at fmv and in such case i had a gain of rs 1000000 .whether tha gain will be taxable in my hand.

As the the movable asset in the nature of personal effect is not a capital asset and ifos says that any income which is not taxable under any head is taxable under ifos but personal asset is included in capital gain then whether the same will not be taxable in my hand?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
09 April 2023 Depending upon your treatment as personal asset or for earning profits, it will be either tax free or liable to tax u/h IFOS. Need to authenticate your intention of purchase & transferring into firm account.
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