Tax treatment on sale of furniture
Susmita Sahoo (33 Points)
30 July 2021what is the tax implications on sale of furniture ?
Susmita Sahoo (33 Points)
30 July 2021
Deepa B
(Practicing Chartered Accountant )
(573 Points)
Replied 30 July 2021
Sale of furniture does not trigger capital gain. Because the definition of "capital asset" excludes personal effects, i.e., movable property (including wearing apparel and furniture) held for personal use of assessee subject to certain exceptions
Hence there is no tax implication resulting from sale of furniture. But capital gain needs to be calculated on sale of flat as per the provisions of the Act
Susmita Sahoo
(33 Points)
Replied 30 July 2021
Deepa B
(Practicing Chartered Accountant )
(573 Points)
Replied 30 July 2021
Request you to mention the specific provision which you are referring to
Nidhi
(Chief Accountant)
(3150 Points)
Replied 31 July 2021
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