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Will jewelry include bullion

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B.Com
87 Points Posted on 20 June 2017
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.
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On 20 June 2017 at 14:51 Report
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59 Points Posted on 21 June 2017
It is a capital assets
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On 21 June 2017 at 00:23
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student
265 Points Posted on 21 June 2017
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.
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On 21 June 2017 at 03:51
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14 Points Posted on 06 March 2019

can you give a reference to your answer.??

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On 06 March 2019 at 15:00
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SELF EMPLOYED
100 Points Posted on 06 March 2019
Yes it is capital asset and accordingly taxable.. Bullion cannot be construed for having personal effect and hence taxable
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On 06 March 2019 at 15:11


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