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No proper bills for my expenses

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This query is : Resolved

Dharanikumar (Querist)

26 December 2013 I HAVE SOLD FEW OF MY HOUSE HOLD ITEMS JEWELS AND SILVER ITEMS FOR MY NEW BUILDNG EXPENSES USING QUIKR EBAY AND OLX AND SUCESSFULLY I HAVE SOLD AROUND RS 12 LAKHS WORTH BELONGINGS
BUT THE ISSUE IS ALL THE SOLDED MONEY CAME TO ME THROUGH NET TRANSFERS FROM THE CONCERN BUYERS AT REGULAR INTERVAL AT LAST IN THE MOTHS OF MAY JUNE JULY I HAVE MADE RS 12 TRANSACTIONS BUT NOW I M WORRIED ABOUT MY INCOME TAX RETURNS AS AM FEARING THAT IF ALL THE TRANSACTIONS ARE TAXABLE ALSO I DONT HAVE THE BILLS FOR THE ARTICLES I SOLD AND MOST OF EXPENSES I SPEND FOR MY HOME IS WITHOUT PROPER BILLS SO HOW I CAN AVOID FROM TAX FOR ALL THE MONEY ACTUALLY MY INCOME IS 264000 PL GUIDE ME

@VaibhavJ

@VaibhavJ (Expert)

26 December 2013 Hi

Sold of home article is not taxable.

Sold of Jewelry/Silver item attract capital gain. So you will be required to compute the same & pay Tax accordingly.

Thanks//VaibhavJ

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