Mr. Z bought a beautiful sofa set for ₹ 1,40,000 for his personal use. He sold the sofa set after 6 months for ₹ 1,60,000. The amount of ₹ 20,000 will be taxable in the hands of Mr. Z as:
A. Business Income
B. Capital gains
C. Income from other sources
D. Not Taxable at all.
Answer:D
Mr. Z bought a beautiful sofa set for ₹ 1,40,000 for his personal use. He sold the sofa set after 6 months for ₹ 1,60,000. The amount of ₹ 20,000 will be taxable in the hands of Mr. Z as:
A. Business Income B. Capital gains C. Income from other sources D. Not Taxable at all.