Income is taxable or not
This query is : Resolved
Dilip Kumar Toshniwal
(Querist)
09 August 2013
When shahruk khan sold jursy of main hoon naa Rs. 40 lakh . In such case these income taxable or not. if taxable , which head. if not taxable ,why ????? similler case like any body (not big or famous person ) who sold personal used cloth,any other kind in these case what would be ?????
sivadas chettoor
(Expert)
10 August 2013
Now appears to be capital receipt of a non-recurring nature and hence exempt.If he again sells it may point to the intention to do business in his personal effects which may attract tax. Please note that the word capital asset is interpreted in a wide sense but it excludes personal property.
siva208@yahoo.com
siva208@yahoo.com
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