Regarding assesment
This query is : Resolved
22 December 2011
in 1998-99, daugter recieved jewellary thorough inheritence from his mother and now in a.y.2008-09 , daugter sold the jewellary . will the amount sold(profit) will be taxable in the hands of her in 2008-09
22 December 2011
yes it is taxable under the head Income from Capital Gain. The profit after indexation is taxable.
22 December 2011
but friend its not in definition of capital assets, its personal goods
22 December 2011
jewellary is not personal effects.
explanation provided that jewellary excluded from the defination of personal effects.
its still taxable as said by above expert
explanation provided that jewellary excluded from the defination of personal effects.
its still taxable as said by above expert
Guest
Guest
(Expert)
22 December 2011
Jewellery is not personal effects rather it it capital asset under Income Tax Act 1961. It is taxable under IFCG.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- Annual return in Gst
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
