LTCG on Sale on Personal use silver utensils

Tax queries 846 views 4 replies

Respected Seniors, 

I have sold my ancestral silver utensils for Rs 657342/- and recieved payment by cheque. As there is no capital gain on sold of personal and household belonging but please advice me whether Iam to show the same reciept in my IT return. I submit return in Form 3.

Thanking you in anticipation.

Regards,

YOGESH

Replies (4)
You need to show in ITR
Your ancestors Sliver utensils are used regularly or occasion wise
If the ancestral silver utensils were used daily by you/your family, then they will be considered as prrsonal effects and as such the profit will not be taxable amd hence no disclosure to be made in return.But if they were occasionally used eg. on Diwali, Puja etc. they will be Capital Assets and the gains will be taxable as capital gains to disclosed as such in the return
Yup you are right


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