Question abt taxation

Tax queries 274 views 5 replies
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Mr
29 Points Joined July 2014

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.......

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On 11 September 2016 at 11:38 Report
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Working in CA Firm
671 Points Joined January 2012
https://incometaxmanagement.com/Pages/KnowledgeBASE/Tips-On-Tax-Planning/22-Any-Income-Arising-On-The-Transfer-Of-Personal Effects-Is-Not-Liable-To-Income-Tax-At-All–How.H T M L check this.
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On 11 September 2016 at 12:09
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CA FINAL
553 Points Joined April 2011
personal effects are not taxable under any head.
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On 11 September 2016 at 20:51
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Mr
29 Points Joined July 2014

Thanks Ankit....bt is there any section, notification or circular exist???

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On 12 September 2016 at 08:48
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CHARTERED ACCOUNTANT
535 Points Joined July 2014

Selling of personal movable assets is not taxable either under head income from other source or under head capital gain... ultimately no tax liablility..!

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On 12 September 2016 at 10:33
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CA FINAL
553 Points Joined April 2011

Hi, Go through the following link and clear your doubt:

https://incometaxmanagement.com/Pages/KnowledgeBASE/Tips-On-Tax-Planning/22-Any-Income-Arising-On-The-Transfer-Of-Personal%20Effects-Is-Not-Liable-To-Income-Tax-At-All%E2%80%93How.H T M L

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On 12 September 2016 at 10:55


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