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Personal effect assets taxable?
does gain from sale of personal effect assets taxable under income from other source since it is not taxable under the head capital gain
Replies (1)
Most of the personal effect assets are not taxable unless defined as property u/s. 56(2) of IT act.
Scope of the term ‘Property’ has been specifically defined to mean immovable property, shares and securities, jewellery, archaeological collections, drawings, paintings, sculptures, any work of art and bullion.
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