Dear All,
Is there capital Gain on sale of jewllary ? Please guide. Thanx in advamce.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 19 June 2010
yes, capital gain would be levied on sale of jewellery unless it can be considered as personal movable effects..... i.e. items of personal use.........
Rishab
(A.C.A.)
(155 Points)
Replied 19 June 2010
But Love. Arora,
SEE
Sec. 2(14) “capital asset” means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include—
(i) any stock-in-trade, consumable stores or raw materials held for the purposes of his business or profession ;
ii) personal effects, that is to say, movable property (including wearing apparel and furniture) held for personal use by the assessee or any member of his family dependent on him, but excludes—
(a) jewellery;
(b) archaeological collections;
(c) drawings;
(d) paintings;
(e) sculptures; or
(f) any work of art.
So Capital gain will arise on Sale of Jwellery.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 20 June 2010
Dear Rishab,
agree with you........ but i also said the same thing...... in another way.......
Subhashchandra
(Article Assistant)
(65 Points)
Replied 06 July 2010
capital gain tax is applicable and compute the CG tax in normal way.
Subhashchandra
(Article Assistant)
(65 Points)
Replied 06 July 2010
capital gain tax is applicable and compute the CG tax in normal way.
CAclubindia
