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
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