Profit on sale of asset other than specified u/s 2(14)

Sec 50 is deemed short term for depreciable assets .

Now if for eg , a personal car on which depreciation is not claimed is sold , profit on that car cannot be taxable , cos the govt may have reasons to believe that profit may never occur in such transcations .

similarly house hold furniture , music system tv etc sold is not taxable

the point is you will never have gains in these transcations :D the only one transcation that i am aware off which can go tax free and which can have gains is gold watch (cos its not an ornament or an apparel , hence it doesnt fall under the definition of jewellery and is tax free )

other personal effects where u can have gains are jewellery , utensils ( gold & silver) these all are taxable as capital gains