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Taxability of Sachin Tendulkar's Income from Bat Auction.

Puneet Mantri (CA Final student) (534 Points)

29 July 2010

Can anyone suggest me, under what head is the income received from Auction of personal items like Sachin's bat ist taxable. Whether it is taxable or not? If yes, under what head?

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15 Replies

CA AYUSH AGRAWAL (Kolkata-Pune-Mumbai) (26986 Points)
Replied 29 July 2010

Other Source

Harpreet (* * * * * *) (1670 Points)
Replied 29 July 2010

ya it should be other source

CA Rahul Jain (Job) (148 Points)
Replied 29 July 2010

yes i agree

Mayur Arora (CA Final) (295 Points)
Replied 29 July 2010

i agree tooo

Satvir Singh (Newly minted CA) (1733 Points)
Replied 29 July 2010

maybe Capital Gains but i think other sources.

(Guest)

Originally posted by : singh Litt
	maybe Capital Gains but i think other sources.

parth shah (article) (89 Points)
Replied 30 July 2010

income from other sources

(Guest)

Not taxable at all because capital gains from sale of personal effects is exempt.

CA Finalist (Article Assitant) (289 Points)
Replied 30 July 2010

I feel, Since, such a income proceeds, do not come under and of the four heads (salaries,hp,cg,pgbp), it shall be taxed under Income from OS !!!

ravi_ (article -bonded labour- trainee) (141 Points)
Replied 01 August 2010

what the hell.how come its taxable under other sources. bat is an asset for tendulkar, hence it will fall under capital gain, but nothing will be taxable as, personnel effects are not taxable. some personnel effects are taxable like gold jewellery and furniture studded with ornaments, but

there was a case before SC in which SC ruled that silver utensils of some xyz king were his personnel effects hence not taxable.

also in some other case SC ruled that shirt of an actor although sold at a much higher price will not be taxable, similarly bat of ST is not taxable...

ravi_ (article -bonded labour- trainee) (141 Points)
Replied 01 August 2010

also one more fact, Income Tax act is applicable on all beings human. its not applicable on God, and as every one will agree that in this part of the world this man named SACHIN TENDULKAR is GOD.

in one interesting case of a south indian actress named khushboo (who gave some remarks about pre marital s*x), which were considered by some section of society as outrageous, the applicant said before SC that the said actress is considered as godess in south india, how dare she passed such unholy remarks, SC (of course in a lighter mood) asked the man how dare he filed a case against a godess!!!....

so dont worry as soon as i will become Finance Minister I will correct this loophole and will bring a new section 80ST to make Sachin exempt from all taxes,whatever they may be. till then pray for me so that i can pass CA final.

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