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Tax Treatment of Sale of Lifetime Membership of Club

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(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?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
24 March 2023 It's capital asset hence capital gains tax applicable.
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