Tax Treatment of Sale of Lifetime Membership of Club
This query is : Resolved
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?
24 March 2023
It's capital asset hence capital gains tax applicable.
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