12 July 2010
Dear All, Whether sale of Club membership attract capital gain tax or it is personal effect held for personal use of the assessee or his family. Fees Paid Rs.25000 1st Jan 2006 Present value Rs.55000 30th June 2010.
12 July 2010
I think this should attract Capital Gain because exemption on Capital asset is available only if there is personal effect on movable thing. But here because membership is not movable it is intangible. Therefore it should be taxable under capital gain..
CAclubindia
