sale of wearing appearals with gold

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 January 2010 Sir
Plz refer me the case law relating to the capital gain
i.e regarding sale of sarees or any wearing apperals with attached gold whether it will be taxed as capital gain?

Thanks & Regards
Gaurav Kumar Agarwal

CA Prashant Gupta

CA Prashant Gupta (Expert)
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25 January 2010 it depends if your business is of sarees or apperals then it is not capital gain it is business income.
But if your business if not of this then sarees is not capital asset and for wearing apperals with attched gold is capital asset as these are included in jewellary.

Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2010 Thanku sir

If the business is of sarees then also attached gold is to be treated as capital assets?

But if the business is of gold then it will be taken as business income?

Plz. Reply

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