Regarding assesment

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RAHUL SHARMA (Querist)
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22 December 2011 in 1998-99, daugter recieved jewellary thorough inheritence from his mother and now in a.y.2008-09 , daugter sold the jewellary . will the amount sold(profit) will be taxable in the hands of her in 2008-09

CA Puneet Jethliya

CA Puneet Jethliya (Expert)
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22 December 2011 yes it is taxable under the head Income from Capital Gain. The profit after indexation is taxable.

RAHUL SHARMA

RAHUL SHARMA (Querist)
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22 December 2011 but friend its not in definition of capital assets, its personal goods

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CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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22 December 2011 jewellary is not personal effects.

explanation provided that jewellary excluded from the defination of personal effects.

its still taxable as said by above expert

Guest

Guest (Expert)

22 December 2011 Jewellery is not personal effects rather it it capital asset under Income Tax Act 1961. It is taxable under IFCG.