meaning of capital assest with section 45(3)

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19 November 2009 personal computer of an assessee is transfered as a capital contribution to a firm where hes a new partner?? is it covered by section 45(3)?? can computer be treated as a movable property and under personal effects definition ??

20 November 2009 As per definition Sec. 2(14), capital does not include any personel effects, (movable property held for personal use but excludes jewellery, archaeological collections, drawings, paintings, sculptures or work of any part.)
As per above definition computer is a movable property held for personal use, hence not a capital asset.



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