An assessee sold his flat at rs.52,00,000 and furniture rs 14,00,000. furniture used for personal purpose. (LTCG)
what is the tax implications on sale of furniture ?
Menu
Tax treatment on sale of furniture
Replies (4)
Sale of furniture does not trigger capital gain. Because the definition of "capital asset" excludes personal effects, i.e., movable property (including wearing apparel and furniture) held for personal use of assessee subject to certain exceptions
Hence there is no tax implication resulting from sale of furniture. But capital gain needs to be calculated on sale of flat as per the provisions of the Act
Yes mam, you are absolutely right. But there is a provision... if it used for personal purpose, then there will not capital gain tax on consideration of rs 5 lakh received which will be exempt.
plz consider this point.
plz consider this point.
Request you to mention the specific provision which you are referring to
There is no tax implication resulting from sale of furniture without any capping limit.
Recent Topic
- TIS Glitch Alert : inflated summary
- IT returns of partners
- Challan status in Payment Failed but amount deduct
- Sec 54 exemption
- Query regarding retirement benefits
- TDS Payment and filing
- Capital gains exemption under sec 54
- Revamped traces portal, conso file download failed
- Due date of ITR for Option Trader
- Cancelled invoice entry
Related Topics
CAclubindia
