COMMISSIONER OF INCOME-TAX versus H.H. MAHARANI USHA DEVI
Capital gains Capital assets inherited jewelry is formally recognized as central jewelry by the central government for the personal use of the rulers. Capital assets derived from the sale of jewelry are not profitable, resulting in capital gains tax. Is the Indian Income Tax Act, 1961, section 2 (14) (ii), [before amendment 1 4 1973] and 45 Indian wealth tax act 1957, section 5 (1) (xiv).
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