Easy Office

Tax Treatment of Sale of Lifetime Membership of Club

This query is : Resolved 
Profile Image

Profile Image

(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?
Profile Image

CA R SEETHARAMAN

Profile Image

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


Easy Office

Trending Online Classes

view all classess
CCI Pro


Answer Query



Quick Links