I AM A INDIVIDUAL AND MY WIFE IS WILLING TO SELL HER JEWELRY FOR 25 LAC RUPEES. THE THRESHOLD LIMIT TO REGISTER IN VAT IS RUPEES 20 LAC. NOW IF MY WIFE SELLS JEWELRY IS SHE REQUIRED TO CHARGE VAT ?????
3 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 19 June 2017
No as its not your business assets & not covered under VAT.
Same is taxable under income tax under capital gain head.
Same is taxable under income tax under capital gain head.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 20 June 2017
Welcome pleasure is mine.
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