Section 2(14)(ii)

Authorities that bear on section 2(14)(ii). Each one tells you what it decided and what to do if it applies to you.

Section 2(14)(ii) — the law in short

What the courts have decided on section 2(14)(ii), in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.

H H Maharaja Rana Hemant Singhji v CIT Supreme CourtHelps department
We sold gold sovereigns and silver coins that the family used at puja. Were they personal effects, outside capital gains?

No. The exclusion for personal effects requires an intimate connection between the article and the person of the assessee - articles meant for personal use. Sovereigns and silver coins customarily used for puja and other ritual purposes are not effects meant for personal use, so they were capital assets and the gain on them could not be excluded.

Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.

Section 2(14)(ii) — 1 entry

H H Maharaja Rana Hemant Singhji v CIT

We sold gold sovereigns and silver coins that the family used at puja. Were they personal effects, outside capital gains?

Supreme CourtHelps departments.2(14)s.2(14)(ii)s.45s.2(4A) Indian Income-tax Act, 1922s.12B of the Indian Income-tax Act, 1922

Explained in this library

What section 2(14)(ii) does, in plain English, before you read what the courts made of it.

Personal effects are outside capital gains - but jewellery was taken back out of that exclusion

I sold family jewellery and old silver. Is any of it outside capital gains as personal effects?

Section 2(14)(ii)

Section 2(14)(ii) — the law in short

Section 2(14)(ii) — 1 entry

H H Maharaja Rana Hemant Singhji v CIT

Explained in this library

Personal effects are outside capital gains - but jewellery was taken back out of that exclusion