The income from sale of household furniture is:
a) taxable income
b) exempted income
c) capital gain
d) revenue gain
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Replies (2)
b) exempt income
since assets of personal nature is not capital goods so that there can not be capital gain or loss
and at the time of purchase the deduction of that expenditure is not allowed in any head
therefore any income over it shall be exempt
since assets of personal nature is not capital goods so that there can not be capital gain or loss
and at the time of purchase the deduction of that expenditure is not allowed in any head
therefore any income over it shall be exempt
thanks a lot a sir....😊
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