Wealth tax

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

25 December 2012 IF SILVER UTENSILS ARE USED FOR PERSONAL PURPOSE BY AN INDIVIDUAL, WILL IT ATTRACT WEALTH TAX.

@VaibhavJ

@VaibhavJ (Expert)
Follow

25 December 2012 Nope it doesnt attract wealth Tax..

Silver utensils to a reasonable extent, even if used by the assessee on certain special occasions are personal effects as held in [Jayantilal A. Shah v K. N. Anantharama Aiyar CIT 23Taxman14 (Bom, 1985)]

Thanks..

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

25 December 2012 what about the gold utensils & jewellery

Pankaj Gupta

Pankaj Gupta (Expert)
Follow

25 December 2012 In indian families it had been a tradition to use silver utensils in the kitchen. Hence silver utensils are personal effects of the assessee thus not a taxable asset. This was held in the case of cit v. Benarshilal kataria. But as there is no such tradition to use gold utensils, hence they will be taxable. And it is very clear about the jewellery that they are asset wether gold or silver.

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