Income taxable or not??
This query is : Resolved
05 September 2011
Please tell me:
If I get my cricket bat autographed by Sachin Tendulkar, & then I sold the bat for Rs.10 Lacs.
And I am not carrying a business of selling bats.
What is the tax treatment??
In my opinion, bat is a personal effect, so not taxable as capital gain.
Also, we can't tax it as other sources income as if we sell items like bat or other personal item, we don't take it as other income.
Please tell me the taxability in both the following cases:
1. If I sold the bat in an auction organised by someone
2. If I sold the bat generally to some known person without auction??
Whether there is any case law regarding this. If Yes, please quote.
Thanx in Advance :)
If I get my cricket bat autographed by Sachin Tendulkar, & then I sold the bat for Rs.10 Lacs.
And I am not carrying a business of selling bats.
What is the tax treatment??
In my opinion, bat is a personal effect, so not taxable as capital gain.
Also, we can't tax it as other sources income as if we sell items like bat or other personal item, we don't take it as other income.
Please tell me the taxability in both the following cases:
1. If I sold the bat in an auction organised by someone
2. If I sold the bat generally to some known person without auction??
Whether there is any case law regarding this. If Yes, please quote.
Thanx in Advance :)
06 September 2011
Actually This is Personal Moving Effect Asset and hence Not Taxable.
But Recently sachin Tendulkar Got Notice from IT dept. for selling some His Cap, and bat at auction assuming it as business income.
Case is pending in Court of Law.
Wait For Final Conclusion.
But Recently sachin Tendulkar Got Notice from IT dept. for selling some His Cap, and bat at auction assuming it as business income.
Case is pending in Court of Law.
Wait For Final Conclusion.
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