https://www.taxtmi.com/caselaws?id=6466 Gold sovereigns, silver coins and silver bars are not excluded as "personal effects" unless they are movable property held for intimate and ordinary personal use by the assessee or a dependent family member. The statutory exclusion is confined to articles closely associated with the person and commonly used in personal life; it does not extend to bullion or coins kept for ornamentation, pride of possession or ceremonial purposes, even if used on religious occasions. On that reasoning, such assets are treated as capital assets and remain within the charge to capital gains tax. en-us Tue, 17 Feb 1976 00:00:00 +0530 Fri, 05 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6466 Gold sovereigns, silver coins and silver bars are not excluded as "personal effects" unless they are movable property held for intimate and ordinary personal use by the assessee or a dependent family member. The statutory exclusion is confined to articles closely associated with the person and commonly used in personal life; it does not extend to bullion or coins kept for ornamentation, pride of possession or ceremonial purposes, even if used on religious occasions. On that reasoning, such assets are treated as capital assets and remain within the charge to capital gains tax. Case-Laws Income Tax Tue, 17 Feb 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6466