Direct Tax Questions and Answer with CA Connect. Here we have - TopicsExpress

Direct Tax Questions and Answer with CA Connect. Here we have next Que. Q.10- Mr. Santa have 60 Silver Coins (each having weight of 50grams Silver). These coins are Used for Pooja of Goddess Lakshami only on Various Occasion. Later on out of 60 Coins he sold 10 Coins. While determining the Capital Gain he claimed that these coins were Personal Effects since these were used for personal purposes only. And personal effects are Not a capital Asset u/s 2(14) of Income Tax Act. Therefore there should not be any Capital Gain on Transfer of Such Coins. You have to Decide whether contention of Assessee is Right or Wrong? A ) Assessee is Right in holding that these Coins are Personal Effects & Therefore there will be No CG. B ) Assessee is Not Right in holding that these Coins are Personal Effects & Therefore he is liabe to pay Capital Gain Tax. Please give your ans with legal support. #Share #DT #MCQ #Abhishekjain ***Stay Connected, Stay Ahead***

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