https://www.taxtmi.com/caselaws?id=7828 Gold sovereigns, silver coins and silver bars qualify as capital assets where they are held as treasure or collections rather than for personal use. The personal-effects exclusion applies only to movable property with an intimate personal connection to the holder and actual personal use. Occasional use of such articles in puja, ceremonial placement before a deity, or retention for satisfaction or pleasure does not constitute personal use. Consequently, the assets fall outside the personal-effects exclusion and are chargeable to capital gains tax. 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 qualify as capital assets where they are held as treasure or collections rather than for personal use. The personal-effects exclusion applies only to movable property with an intimate personal connection to the holder and actual personal use. Occasional use of such articles in puja, ceremonial placement before a deity, or retention for satisfaction or pleasure does not constitute personal use. Consequently, the assets fall outside the personal-effects exclusion and are chargeable to capital gains tax. Case-Laws Income Tax Tue, 02 Dec 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7828