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Capital gains tax liability
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
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.
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.
Capital gains taxability does mot arise here.
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