Puneet Mantri (CA Final student) (534 Points)
29 July 2010
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 29 July 2010
maybe Capital Gains but i think other sources.
CA Finalist
(Article Assitant)
(289 Points)
Replied 30 July 2010
ravi_
(article -bonded labour- trainee)
(141 Points)
Replied 01 August 2010
what the hell.how come its taxable under other sources. bat is an asset for tendulkar, hence it will fall under capital gain, but nothing will be taxable as, personnel effects are not taxable. some personnel effects are taxable like gold jewellery and furniture studded with ornaments, but
there was a case before SC in which SC ruled that silver utensils of some xyz king were his personnel effects hence not taxable.
also in some other case SC ruled that shirt of an actor although sold at a much higher price will not be taxable, similarly bat of ST is not taxable...
ravi_
(article -bonded labour- trainee)
(141 Points)
Replied 01 August 2010
also one more fact, Income Tax act is applicable on all beings human. its not applicable on God, and as every one will agree that in this part of the world this man named SACHIN TENDULKAR is GOD.
in one interesting case of a south indian actress named khushboo (who gave some remarks about pre marital s*x), which were considered by some section of society as outrageous, the applicant said before SC that the said actress is considered as godess in south india, how dare she passed such unholy remarks, SC (of course in a lighter mood) asked the man how dare he filed a case against a godess!!!....
so dont worry as soon as i will become Finance Minister I will correct this loophole and will bring a new section 80ST to make Sachin exempt from all taxes,whatever they may be. till then pray for me so that i can pass CA final.
Puneet Mantri
(CA Final student)
(534 Points)
Replied 02 August 2010
CAclubindia
