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Taxability of Sachin Tendulkar's Income from Bat Auction.

Puneet Mantri (CA Final student) (534 Points)

30 July 2010

Can anyone suggest me, under what head is the income received from Auction of personal items like Sachin's bat ist taxable. Whether it is taxable or not? If yes, under which head?

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5 Replies

aman singh (CA ) (102 Points)
Replied 30 July 2010

it's taxable under IFOS

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Faiz Ahmed ( Article Trainee) (1731 Points)
Replied 30 July 2010

Its taxable under " Other Sources". It cannot be taxed under any other head even not in case of capital gains as it is not a capital asset but like consumables for Sachin. Since Consumables do not form part of capital asset, its taxability under that head is ruled out.

Hence it will be taxed under residual head called " Income from other sources"

Vishal Jain A (Practicing CA) (941 Points)
Replied 30 July 2010

hi friend..

good question.. this is case of capital gains as bat is capital asset for Sachin Tendulkar.. And this cannot be said to be personal effects which is excluded from the definition of Capital Asset.. moreover it will result in C.G only if Block ceases to exist or Sale Value is more than Block of Asset (including additions)..