13 Replies
C.A / C.S. DHARMESH SOJITRA
(C.A/C.S - PRACTICE )
(149 Points)
Replied 31 January 2012
It is taxed under the head of capital Gain, because... it is self generated asssets and therefor no cost of indexation available. and it is fully taxable........ha...ha...ha.
Arniv Sharda
(CA Final)
(3006 Points)
Replied 31 January 2012
haha
its crazy
i think a new head of income should be created this time for such doubts
cheers
Nirmit Choraria
(CA Final)
(1333 Points)
Replied 31 January 2012
| Originally posted by : DHARMESH SOJITRA | ||
 |
It is taxed under the head of capital Gain, because... it is self generated asssets and therefor no cost of indexation available. and it is fully taxable........ha...ha...ha. |
 |
GOPAL AGGARWAL
(DOING NOTHING)
(1339 Points)
Replied 31 January 2012
In my view no body will sale the same and take money in white
and
no body will give such a big amount in white
THEY ALL WILL SETTLE PERSONALLY
BEACAUSE ORGAN CANNOT BE SOLD. THEIR SALE IS PROHIBITED
THEY CAN BE ARRANGED IN RELATIONSHIP ONLY BUT CANNOT BE PURCHASED.
AND DOCTORS WILL ALSO NOT ALLOW THE SAME BEACUSE EVEN HE CAN BE ARRESTED AND FOR SUCH THING.
AND EVEN IF TAXED THE SAME WILL BE TAXED AS INCOME FROM OTHER SOURCE AS THIS IS RESIDUARY CHARGING SECTION AFTER CLAIMING EXPENSES IF ANY.
WITH THE INVITATION OF LITIGATION UNDER THE CIVIL PROCEDURES AS WELL AS INCOME TAX ACT BEACSUSE THEY DONOT KNOW NOTHING ELSE INITIATING PROCEEDINGS.
CMA.Manikanta
(Grad-CMA &CA-Final)
(314 Points)
Replied 01 February 2012
friends every one is wrong try to apply the provisions
i will post the answer tommorow .....
when i posted the question in face book only one person who is a chartered accountant gave the answer correct let us see how many are there here to give correct !!!!!!
Lakshmi
(Student)
(1836 Points)
Replied 01 February 2012
Capital asset means property of any kind held by an assesse,whether or not connected with his business or profession. However the following are not capital assets-
1.Stock in trade, raw materials
2. Personl effects
3. agricultural land in rural area
4.a few gold bonds
5.GDB under gold Deposit Scheme,1999.
Personal effects :- Any movable property held for personal use of the owner or for the use of any member of his family is not a "capital asset".
So the kidney comes under personal effects,as it is used by the owner for personal purpose.So the income from sale of kidney doesnot comes under the chargable of income tax..
As the conditions are not satisfied the income cannot be charged under the capital gain or any other head of income.Therefore income cannot be taxed.
Lakshmi
(Student)
(1836 Points)
Replied 01 February 2012
@ Gopal Aggarwal
Illegal incomes,black money are included in the term of "income" under the Income Tax Act. The income tax law does not make any difference between income accrued or risen from a legal source and income tainted with illegality.
CMA.Manikanta
(Grad-CMA &CA-Final)
(314 Points)
Replied 01 February 2012
answer ::::
the correct defence for the question as per the act is
it is a capital reciept !
capital reciept is taxable only if it is covered specifically under the act .
as it is not specifically covered it is not taxable !
and some one said illegal income cannot be taxable illegal income is taxable but the tax authorithies will inform the concerned authorithy regarding that offence
Dimple Jain
(Chartered Accountant)
(30 Points)
Replied 03 February 2012
|
well i think it should be taxed u/s 56(2)(vii) or looking at the circumstances of the case the CIT can declare it tax free |
|
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