27 March 2019
One of my client has sold the membership of the club, so just wanted to know whether membership of club is considered as capital asset and whether any profit arising on the same is liable for capital gain.
29 March 2019
Club membership may be treated as personal effects of a person, and hence excluded from the definition of Capital asset- Section 2(14)(b)(ii) of the Income Tax Act. In that case tax shall not be payable on such capital gain.
CAclubindia
