Menu
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.
Recent Topic
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
- Tds on deceased's pan
- Exempt income declaration schedule EI in ITR2 (AY2
Related Topics
CAclubindia
