Income tahold articlesle of housex liability on sa

149 views 3 replies

what is the tax liability on sale of used houseold goodse like cots /lap top / tv/utensils etc.?

How do you treat the income received on sale of thse items.  ?

can we treat them as capitagoodse ans show as long term capital gain ?

 

Replies (3)

No tax is levied on such things, as these are your personal assets.

Thank you , Mr.manish

Where do you report this income in ITR.. Can we show this  under Exempted  Income schedule in ITR ?

Under what head  of account we should show in balance sheet ?

This isn't income altogether, hence no question of being exempt. These are not shown in ITR. In balance sheet, it will increase your cash balance.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register