Regarding assesment
This query is : Resolved
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
22 December 2011
yes it is taxable under the head Income from Capital Gain. The profit after indexation is taxable.
22 December 2011
but friend its not in definition of capital assets, its personal goods
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
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.
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