(i)any stock-in-trade, consumables or raw materials
(ii)personal effects held for personal use
by the assessee or any member of his family dependent on him(iii)Agriculture land situated in RURAL AREA
(iv)Gold Deposit Bonds issued under Gold Deposit Scheme, 1999
Personal effects means Moveable PropertyIncluding wearing apparel and furnitureExcluding jewellery
The Guiding factor whether an article constitute personal effect is in the nature of the article
AssetPersonal EffectChargeable to Tax
Car YesNo
House property NoYes
Silver utensilsYesNo
Gold utensilsNoYes
H.H. MAHARAJA RANA HEMANT SINGH JI (SC)
Silver Coins used in puja are chargeable to capital gains as only those effects can be legitimately be said to be personal which pertains to the assessee’s person.
Personal Movable assets(such as furniture, utinsils, vehicles etc) are expressly excluded from the definition of Capital Assets u/s 2(14). So they cant be taxed under the head of income frm C.G.
the Exceptions to the above are, jewellery, archeological collections, drawings & paintings, sculptures, any work of art. SO, these assets, although personal in nature come under the definition of Capital Assets & their transfer will attract capital gains tax...