personal effects u/s 2(14)
This query is : Resolved
Mukesh Kumar Singh
(Querist)
30 June 2011
Please tell me whether gifted car used by a person is tansferred later is attracted with capital gain tax or not?
please reply
please reply
CA PARAS BAFNA
(Expert)
30 June 2011
1.A Car is a movable asset.
2. It is used by the assessee and his family members for personal use only.
3. It is not a jewellery, drawing or painting like thing so as to be called as a property.
4. The assessee has recd it as a gift
It can be said as a personal effect which is not taxable U/s 2(14)(ii)
2. It is used by the assessee and his family members for personal use only.
3. It is not a jewellery, drawing or painting like thing so as to be called as a property.
4. The assessee has recd it as a gift
It can be said as a personal effect which is not taxable U/s 2(14)(ii)
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30 June 2011
It depends whether you have capitalised and have not claimed any depreciation.. If you have claimed any depreciation then it is no more a personal effect and you will accordingly be liable to capital gains on the number of days and months and years holding.
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Mukesh Kumar Singh
(Querist)
01 July 2011
Thanks a lot to Paras Bafna sir and C A S. S. Agarwal sir for your kind and valuable reply.
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