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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
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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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