Income taxable or not??
This query is : Resolved
CA Pranav Pareek
(Querist)
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 :)
CA Ayush Agarwal
(Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- Oct 2025 Invoices
- Import of Software Service.
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Under marginal scheme
- Capitalgain tax purposes for valuation report compulsory
- GST on Renting godown to KFCSC for Storage of Raagi
- GST Audit whether Govt Companies are exempt?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
