Dear Madam/Sir,
Kindly advise if household items of father's house (e.g. ACs, sofa sets, cupboards,curios, dining table etc.) when sold will attract capital gain tax or any other income tax.
Thanx,
Cliff (Nautical Consultant) 05 April 2013
Dear Madam/Sir,
Kindly advise if household items of father's house (e.g. ACs, sofa sets, cupboards,curios, dining table etc.) when sold will attract capital gain tax or any other income tax.
Thanx,
Dr. M. C. Gupta (Associate Professor) 06 April 2013
Being personal effects, such items are not included in Capital Assets, therefore these do not attract Capital Gains Tax.
.
Cliff (Nautical Consultant) 07 April 2013
Dear Sir,
Thanks very much for your reply, kindly also advise if any income tax would be levied for income against selling personal effects.
Best regards
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