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Jewellery inherited through non-registered will qualifies as capital asset: ITAT Bangalore
Case Law Details
- Case Name
- ACIT Vs Sharada Narayanan (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Bangalore
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ACIT Vs Sharada Narayanan (ITAT Bangalore)
ITAT Bangalore held that non-registration of will doesn’t lead to any inference against its genuineness. Thus, jewellery inherited from mother in law based on non-registered will be capital assets and sell thereof results into long term capital gain.
Facts- The assessee has claimed capital gains of Rs.6,29,20,349/- arising out of sale of jewellery of Rs.7,09,53,800/-. This capital gains is stated to be reinvested in purchase of a residential house for an amount of Rs.6,00,00,000/-excluding stamp duty and registration charges. The total rein-vestment...
Author Info
This information is valuable for anyone dealing with inherited assets and looking to ensure compliance with income tax regulations. Keep up the great work in providing such informative content!