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Will jewelry include bullion
section 2(14) of income tax act defines capital assets, it states that personal effects excludes jewelry, my question is that if some one holds bullion then will it be personal effect or capital asset, since bullion is not covered specifically anywhere.
Replies (4)
It is a capital assets
Dear friend,
Jewellery means anything made up of precious metal.
If jewellery is used for PRIDE then it is treated as Capital assest and it is taxable.
But, if Jewellery is used for SENTIMENT then it shall not be treated as capital asset. Hence not taxable.
can you give a reference to your answer.??
Yes it is capital asset and accordingly taxable.. Bullion cannot be construed for having personal effect and hence taxable
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