Tax Treatment of Sale of Lifetime Membership of Club
This query is : Resolved
samkitjain
(Querist)
24 March 2023
My Client Purchased Lifetime Membership of a Club in 1995 at Rs. 40,000 which he then sold at Rs. 5,00,000 on March,2023.
I wanted to ask whether this transaction would attract Capital Gain Tax or I should put it under Income from Other Sources?
Also whether Lifetime Membership purchased is Capital Asset under the provisions of Income Tax Act,1961?
I wanted to ask whether this transaction would attract Capital Gain Tax or I should put it under Income from Other Sources?
Also whether Lifetime Membership purchased is Capital Asset under the provisions of Income Tax Act,1961?
CA R SEETHARAMAN
(Expert)
24 March 2023
It's capital asset hence capital gains tax applicable.
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