Are gold watches or watches having studded diamonds covered under the defintion of capital assets under income tax act.
3 Replies
Poornima Natarajan
(audit assistant)
(30 Points)
Replied 09 February 2022
They will be covered under the definition of capital asset
rama krishnan
(12244 Points)
Replied 09 February 2022
Yes, it's a capital asset as per section 2(14)
Deban Loka
(realGuy)
(22 Points)
Replied 20 June 2025
Yes, gold watches, including luxury timepieces like an Omega replica or watches with studded diamonds, are typically considered capital assets under the Income Tax Act. When such items are sold, any profit made may be subject to capital gains tax, unless they fall under specific exemptions or are treated as personal effects not covered by the definition. It’s always a good idea to consult a tax professional for guidance on your specific situation.
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