Answers On Category: Income-Tax
  How many years the books of account and other documents shall be kept and maintained by the persons carrying on certain profession u/s 44A(3) of the Act?
For Income tax assessment    For how much period the books of accounts are required to be kept under the Income - Act, 1961?


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  whether sale of furniture is liable to capital gains tax?
A House property is sold for a consolidated value of Rs.1 Crore along with furniture. Value for the purpose of stamp duty of the house property is 95 lakhs & furniture for Rs.5 Lakhs was mentioned separately in the agreement. What will be the treatment of Rs.1 Crore receipt for computing Capital gain on house property sale? Value of furniture being personal asset whether liable to tax or not?


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