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.......
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.......
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
Aggarwal Sarawagi and Co
New Delhi
CA
View Details
R P S K & Associates
Nashik
CA Inter
View Details
Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
View Details
Shyam Joshi & Associates
Pune
B.Com
View Details
T R SOOD & CO
New Delhi
CA Inter
View Details
CAclubindia
