sir,
it Assessee property in the year 2024 for a sale consideration and made a separate agreement for the sale of furniture & fixtures.
So both the Building cost and Furniture & Fixtures cost credited to Assessee account separately… Building Sale Stamp duty paid and TDS Deucted
For Furniture & Fixtures made an agreement in Rs.100 stamp paper but deducted TDS by the Buyer.
Query:
assessee to pay any capital gain or any tax on the sale of Furniture & Fixtures in this or totally exempted.
Furniture and fittings are classified as personal assets if they are not used for business purposes. Therefore, if you have used this furniture and fittings in a residential property, you will not be liable to pay capital gains tax upon their sale.
Yes, capital gains tax is applicable on the sale of property, depending on the profit made and the duration of ownership. If the property is held for more than two years, it qualifies for long-term capital gains tax, which has favorable rates compared to short-term capital gains tax.