Hello
I want to ask a question....if assesse sold some Personal effects which is not a capital assets.. .is it have any tax treatment....someone told me that any profit or loss takes place under head other sources.......
Ashu Sharma (Mr) (29 Points)
11 September 2016Hello
I want to ask a question....if assesse sold some Personal effects which is not a capital assets.. .is it have any tax treatment....someone told me that any profit or loss takes place under head other sources.......
Gourav Gupta
(Working in CA Firm)
(671 Points)
Replied 11 September 2016
Ankit Gupta
(CA FINAL)
(553 Points)
Replied 11 September 2016
Ashu Sharma
(Mr)
(29 Points)
Replied 12 September 2016
Thanks Ankit....bt is there any section, notification or circular exist???
CA MANISH BINDAL
(CHARTERED ACCOUNTANT )
(535 Points)
Replied 12 September 2016
Selling of personal movable assets is not taxable either under head income from other source or under head capital gain... ultimately no tax liablility..!
Ankit Gupta
(CA FINAL)
(553 Points)
Replied 12 September 2016
Hi, Go through the following link and clear your doubt: