CAN ANYONE PLEASE EXPLAIN THE MEANING OF THE FOLLOWING LINE:
" ONLY THOSE EFFECTS CAN BE LEGITIMATELY BE SAID TO BE PERSONAL WHICH PERTAIN TO THE ASSESSEE'S PERSON. IN OTHER WORDS , AN INTIMATE CONNECTION BETWEEN THE EFFECT AND THE PERSON OF THE ASSESSEE MUST BE SHOWN TO EXIST TO RENDER THEM "PERSONAL EFFECTS".
( IN CASE OF H.H. MAHARAJA RANA HEMANT SINGHJI )
It means that for a article or property or anything to be a personal effect .....the assessee has to prove that the same is purely personal effect ....i.e . the personal belongingness of the article or property should be first and foremost of the assesssee and not of any other person .
For Example- PC is used by a person for his personal work is personal effect for him .....But afterwards he gift the same to his son ....then that PC will not be a personal effec for the son.
That alll I guess and not sure.
Anupam Parashar & Co.
Ghaziabad
CA Final
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CA ANOOP P K & ASSOCIATES
Kozhikode
CA Inter
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Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
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My Legal Tax Consultants Pvt. Ltd.
Noida
CA Inter
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Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
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K R Kiran Kumar & Associates
Bengaluru
CA Inter
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CCI
Pro
CAclubindia
