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Income is taxable or not

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(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 ?????
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sivadas chettoor

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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
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