Under Income Tax, it does not matter whether the income is legal aur illegal. So in any case this income will be taxable.
But as this receipt is a capital receipt and is not supposed to accrued on recurring basis, so we can get exemption saying Capital Receipt is not taxable unless otherwise specially falls under taxable capital receipt. So in that way it is not taxable.
Under Income Tax, it does not matter whether the income is legal aur illegal. So in any case this income will be taxable.
But as this receipt is a capital receipt and is not supposed to accrued on recurring basis, so we can get exemption saying Capital Receipt is not taxable unless otherwise specially falls under taxable capital receipt. So in that way it is not taxable.
As per the Charging section of IT Act i.e. sec 4.
"Total Income of the Previious Year shall be charged to Income Tax"
Explanation :- The income can be earned either Legally or illegally doesn't matter.....
and thus the Income from sale of Kidney not being specified in Slaray, House Property, PGBP and Capital Gain and in the respective Heads only Specified Incomes are chargable. And the Income from Other Sources is the Residual Clause i.e. The income not chargable in any other head is Chargable under the Income from Other Sources.
So, as per Charging Sec & the explanation given above
Sale of Kidney is Chargable under "Income from Other Sources"
Note:- The Matter of Illegality in respect of Sale of Kidney is arises in Civil Laws not in IT Act.
| Originally posted by : CA Atulya Nighot | ||
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MR Saurabh Malpani. .. Please don’t ask stupid Q...first read the definition of capital asset as per Income tax...!! u will get ur answer..!! |
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MR ATULYA its a funny question if u having ny such problem then its none of my business
| Originally posted by : VISHAL SINGH | ||
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i dont understand why u r behind kidney |
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its some of the doubts when u r going for an hospital audit where illegal works are practiced
as per sec 2(14) “capital asset” means property of any kind held by an assessee, whether or not connected with his business or profession
kidney is nor specifically excluded, hence it shall be a capital asset
given case is sale, hence transfer u/s 2(47)
now cost of aquisition and improvement u/s 55 depends on the facts of the case.
now compute capital gain/loss whatever the case may be.
in case of any difficulty in computation, case may be refered to the valuation officer u/s 55A
It will come under income from other sources
No provision in Income Tax Act for this type of income so this income is fully exempt.
No provision in Income Tax Act for this type of income so this income is fully exempt.
| Originally posted by : Harkesh Kumar | ||
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It will come under income from other sources |
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pleasse mention some reasons buddy
the simple rule of income tax that any kind of revenur receipt wil get taxatble unless not mention as a exempt and any kind of capital receipt wil not get taxable unless it should not be mention as a taxable..so according this rule rs 50 lac wich is recived from sale fo kedney.will be exempt and trat as a capital receipt..
Legality of the income is not to be considered for caluclation of income under income tax act.
As such income is not mentioned in sec 15,22,28&45 so it is attracted by section 56( i.e income from other sources) of the income tax act
Simple solution healthy food for kidneys is Apple,cabbage,garlic,fish,olive oil, cherries,....... so calculate first how much amount he spent on that wit compound interest to at that date date which he ready to sell and in that deduct how much amount of alcohol he took till that date animal protein, prosessed and fast foods, high oxalate foods with interest as stated above and divide it by his age and - setoff expenses like operation , hospital expenses etc and this whole amount deduct from Rs 50 lacs then you will get a numarical figure then on that figure u pay tax 30 % and you show it under Income from Nonsense works..
CAclubindia
