SALE SILVER AND STILL DOES NOT ATTRACT CAPITAL GAIN

If you have silver in any form and want to sell it but scared of attracting capital gain, you can save capital gain by selling silver in the form of silver utensils

With reference to the case of CIT Vs BENARSHILAL KATARIKA, the assessee sold the silver utensil and assessing officer was in the opinion that the selling of silver utensils are capital asset and hence capital gain would be attracted.

However, the high court held that silver utensils consisted of thalis, katoris, tumblers etc. which are meant for the personal use although they are not be used daily. Whether silver utensils constitute personal effects depend on the financial status of the assessee.

Therefore, silver utensil constitute personal affect and doesn’t constitute capital assets and hence it is not liable for capital gain

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