Capital gains or Income from other sources - transaction of sale ...

Income Tax

July 10, 2018

Capital gains or Income from other sources - transaction of sale of furniture - the personal effects would not be included in the capital asset u/s 2(14)(ii) of the I.T. Act. Therefore, it shall have to be considered under the residuary clause “Income from other sources”.

View Source

← Previous Next →

Capital gains or Income from other sources - transaction of sale ...

Income Tax

July 10, 2018

You may also like:

The gain derived from sale of painting in the assessment year 2007–08 is not taxable as it is personal effect as defined u/s 2(14) - However, insofar as assessment year...

CGH Society allows builder to construct building, Sum received from builder is not taxable as Capital gain as no capital asset u/s 2(14) & no transfer u/s 45

Capital assets vs personal effects - antique or decorative items and collectors items, cannot be classified as personal effects - AT

Taxability of sale of sub-tenancy rights - Income from Other Sources OR Income from Capital Gains - when tenancy is recognised as capital asset within meaning of Section...

Capital gains or Income from other sources - Tenancy rights have also been recognized as capital asset within the meaning of section 55(2)(a) of the Act - AT

Sale of paintings - excluded from the purview of personal effects and consequently included as one of the capital asset under Section 2(14) w.e.f. 1.4.2008 - when the...

Taxability of capital gain in firm - revaluation of asset being land held by the partnership firm - money equivalent paid to retiring partners to enhanced portion of the...

LTCG - capital assets OR agricultural land - at the time of sale the assessee’s land was more than 8 KMs away from the local limits of Municipal Council - assessee’s...

Long term capital gain - agricultural land - capital asset u/s 2(14) - land as situated within Municipal Limit or not?- it can be held that “Dharuhera” of District...

Section 2(14) stipulates that property can be ‘capital asset’ even if connected with business of the assessee. - land/properties were held by the assessee as ‘capital...

Quick Updates: