Hello
I want to ask a question....if assesse sold some Personal effects which is not a capital assets.. .is it have any tax treatment....someone told me that any profit or loss takes place under head other sources.......
Menu
Question abt taxation
Replies (5)
https://incometaxmanagement.com/Pages/KnowledgeBASE/Tips-On-Tax-Planning/22-Any-Income-Arising-On-The-Transfer-Of-Personal Effects-Is-Not-Liable-To-Income-Tax-At-All–How.H T M L check this.
personal effects are not taxable under any head.
Thanks Ankit....bt is there any section, notification or circular exist???
Selling of personal movable assets is not taxable either under head income from other source or under head capital gain... ultimately no tax liablility..!
Hi, Go through the following link and clear your doubt:
https://incometaxmanagement.com/Pages/KnowledgeBASE/Tips-On-Tax-Planning/22-Any-Income-Arising-On-The-Transfer-Of-Personal%20Effects-Is-Not-Liable-To-Income-Tax-At-All%E2%80%93How.H T M L
Recent Topics :
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
Related Topics :
CAclubindia
