Treatment on sale of Old currency notes
This query is : Resolved
29 June 2011
I sold a pack of Rs.5/- old notes for Rs.50,000/-...What will be its tax treatment.The Income is taxable in which head and how...please suggest..
29 June 2011
In my view, You can't sale currency in this way. And if you have done so, do not tell anybody. Except tax treatment, there are different treatments under other law also.
*
If you can sell Rs 500/- in Rs 50000/- it is up to your wish, either to show the income or not. However taxable limit is
180000/- for the AY 2012-13. So You need not to pay any tax.
*
I am having respect for the honest taxpayer.If you are engaged in this type of business only, it will be your business income. Otherwise take the income under the head IFOS.
*
If you can sell Rs 500/- in Rs 50000/- it is up to your wish, either to show the income or not. However taxable limit is
180000/- for the AY 2012-13. So You need not to pay any tax.
*
I am having respect for the honest taxpayer.If you are engaged in this type of business only, it will be your business income. Otherwise take the income under the head IFOS.
09 July 2011
No this is not illegal...Old 5 Rs. notes are accepted at high prices...Even the government is buying it back...I am not in this Business...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- TDS Claim year
- Sales amount in Gstr1
- Supply through E-commerce Operators
- Rent lease agreement
- TDS Challan Code
- Relief u/s Section 89
- REGARDING SECTION 44AE
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Suggestions required for income tax filing-software (FY 2025-26)
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
