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Capital asset

1 reply, 2 voices Last updated by MUSKAN WADHELA 6 months, 3 weeks ago
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    Nilesh dewani

    Why isn’t a gold watch and a gold pen a capital asset because jewellery includes ornaments made of gold?



    Section 2 (14) says that any assets whether movable or immovable is a capital assets but subject to certain exclusions as given below; (given in short) 1. personal effects like wearing apparels, furniture, utensils, motor /car but it does not jewellery, precious stones, semi-precious stones whether sewing in wearing apparels or not. hence long term capital gain arises on the sale of jewellery is taxable in the hands of the seller.

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