11 May 2014
as you said you are not running a business for the same and have only sold the personal silver assets, it will be covered under capital gains.
27 May 2014
As per the IT Act, 1961 - A capital asset does not include personal effects of movable nature (which in this case is silver utensils), hence silver utensils is not a capital asset. Also, it is clarified by you that it is your personal asset and not used for business purpose. Hence the receipts from sale of silver utensils would be a capital receipt and will not be taxable in your hands.
27 May 2014
shashank..that depends on whether it is being held for personal use or not.
while there are cases where judgment went in assessee's favor, there are other judgments which went against like Ramnathan Chettiar u/s. CIT 152 ITR 493 (Mad)
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