https://www.taxtmi.com/caselaws?id=7828 Gold sovereigns, silver coins and silver bars were not personal effects within the statutory exclusion because that term applies only to movable property held and used for personal purposes with an intimate personal connection to the possessor. Occasional use in puja, ceremonial placement before a deity, or retention as a treasured collection did not make the articles personal effects. They were therefore capital assets and the resulting transfer attracted capital gains tax under the relevant provisions. en-us Tue, 02 Dec 1969 00:00:00 +0530 Thu, 19 Mar 2009 16:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7828 Gold sovereigns, silver coins and silver bars were not personal effects within the statutory exclusion because that term applies only to movable property held and used for personal purposes with an intimate personal connection to the possessor. Occasional use in puja, ceremonial placement before a deity, or retention as a treasured collection did not make the articles personal effects. They were therefore capital assets and the resulting transfer attracted capital gains tax under the relevant provisions. Case-Laws Income Tax Tue, 02 Dec 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7828