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INCOME TAX

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tarandeep singh saluja

CA FINAL

20 Points Posted on 20 February 2011

Suppose Sachin Tendulkar had bought a new bat for Rs. 15000.00 Only and after using that bat for couple of years he decide to sold his bat for auction in auction he sold his bat for Rs. 50Lakhs

This type of situaton mostly occurs in real also I want to ask that in which head this income of sachin tendulkar will be taxable either in capital gain or IFOS

Pls give the answer with the explanation with the calculation if any.............

Thanks in advance..........

Replies (7)

APOORV SAXENA

Chartered Accountant

20 Points Posted on 20 February 2011

hey...what i feel is it should be taxable u/h CAPITAL GAINS as we can treat his bat as a capital asset as capital assets also means "PROPERTY OF ANY KIND HELD BY ASSESSEE INCLUDING HIS PROPERTY OF BUSINESS OR PROFESSION"

Karan Teli

Life Is just an Illusion...!!

20 Points Posted on 21 February 2011

Originally posted by : APOORV SAXENA
	hey...what i feel is it should be taxable u/h CAPITAL GAINS as we can treat his bat as a capital asset as capital assets also means "PROPERTY OF ANY KIND HELD BY ASSESSEE INCLUDING HIS PROPERTY OF BUSINESS OR PROFESSION"