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Capital gains tax liability

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ANIL KUMAR KHETAN

PROPRIETOR

552 Points Posted on 14 December 2022

old ac , old furniture use for personal purpose , liable for capital gains tax at the time of sales for personal use. Please clarify the position

Replies (2)

Quick Summary

This discussion clarifies whether selling old furniture used for personal purposes is liable for Capital Gains Tax. Generally, personal effects and items used for personal use are exempt from Capital Gains Tax. While certain valuable items might be exceptions, standard furniture does not fall into this category, meaning no capital tax is typically due on its sale.

Shruthi Selvan

7 Points Posted on 14 December 2022

Hi Anil Kumar,
Assets having personal effects or used for personal purpose is not liable for capital gain tax except few exception like valuable things but furniture is not covered under such exception.
so, on old furniture no capital tax.