Which income to classify??
This query is : Resolved
11 May 2014
Dear Experts,
If i sell Silver Utensils and earn Gains..Shall i classify it as Income from Other Sources..
Pls clarify !!!
If i sell Silver Utensils and earn Gains..Shall i classify it as Income from Other Sources..
Pls clarify !!!
11 May 2014
Taxable under the head Profits and Gains of business or profession
11 May 2014
its not my business..it was my personal asset
11 May 2014
it depends upon the quantum of sale, whether it is treated as capital gain or pgbp
11 May 2014
as you said you are not running a business for the same and have only sold the personal silver assets, it will be covered under capital gains.
11 May 2014
If its your personal assets then irrespective of Quantum it is taxable under the capital gain.
27 May 2014
As per the IT Act, 1961 - A capital asset does not include personal effects of movable nature (which in this case is silver utensils), hence silver utensils is not a capital asset. Also, it is clarified by you that it is your personal asset and not used for business purpose. Hence the receipts from sale of silver utensils would be a capital receipt and will not be taxable in your hands.
27 May 2014
shashank..that depends on whether it is being held for personal use or not.
while there are cases where judgment went in assessee's favor, there are other judgments which went against like Ramnathan Chettiar u/s. CIT 152 ITR 493 (Mad)
while there are cases where judgment went in assessee's favor, there are other judgments which went against like Ramnathan Chettiar u/s. CIT 152 ITR 493 (Mad)
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