We presume that the stamp Authorities have accepted the value of House property at Rs 95 lakhs shown in the agreement . Furniture is a personal effects as per the definitions u/s Section 2(14)(ii) of the Income -tax Act , 1961 . If the assessee is able to demonstrate that the furniture sold was used for personal purposes there will not be any capital gains tax on consideration of Rs 5 lakhs received which will be exempt . However the assesseee may have to explain the year of purchase and also source of investment on furniture . The assessee is liable to pay capital gains only on the sale of house property subject to indexation and other allowable deductions .

Note: In H.H.Maharaja Rana Hemant Singji v .CIT (1976) 103 ITR 6 (SC) held that the articles must be commonly used by assessee. In Jayant A Shah v. K.N. Ananthram Aiyar (1985) 156 ITR 448 (Bom)(HC) held that all personal effects need not be used daily . In CIT v. H.H.Maharani Usha Devi (1998) 231 ITR 793 /98 taxman 309(SC) use of personal effects only on ceremonial occasion is also sufficient to hold that it is personal effects.
Dr. K. Shivaram ,Senior Advocate