Sowmya.S.Balan (Paid Assistant) (749 Points)
31 July 2019sir,
one of my client sold flat and used furniture. separate agreement prepared for sale of used furniture which is not mentioned in the sale deed. whether income tax applicable on sale of furniture ????/
SAN FURNITURE
(2 Points)
Replied 13 November 2022
Since home furniture is for personal use it is outside the definition of capital asset, as such capital gains cannot be levied. The entire receipt on sale of furniture for personal use on which no depreciation has been charged is capital receipt not liable for taxation
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