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

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An asset other than those specified u/s 2(14) are sold will the net income taxable under the head other source??

To explain my question for e.g any moveable capital asset if sold at a profit will not be capital gain as it is not a capital asset ....will this income be taxable under the head other source i.e sale considertation- cost).. Pls note that the personal asset is not the depreciable asset and we are not claiming the depreciation on it , therefor the point of the STCG u/s 50 also does not arise...

 

Pls give your opinions...

Regards

Bonita

Replies (1)

Dear Bonita,

 

Plz explain ur eg. any movable capital asset if sold at a profit will not be capital gain as it is not a capital asset ?

 

Every movable assets other than personal effects are not excluded from the defination of Capital Assets.

 

If you are question is about profit/gain arising from transfer of Asset being personal effects, whether to taxed in other source?

 

The answer to your question may be yes, however you may not that in any case loss on transfer of personal effects shall not be diductible u/s. 57.

 

Thanks


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