https://www.taxtmi.com/caselaws?id=776788 The personal-effects exclusion from "capital asset" requires movable property to have an intimate connection with the assessee and to be normally or commonly used personally by the assessee or a dependent family member. A vintage car does not qualify merely because it is capable of personal use or is retained as an object of pride. Absence of evidence of actual or occasional use, maintenance, or running expenses supports treatment of the car as a capital asset. Gain arising on its sale is consequently taxable under the head "Capital Gains." en-us Thu, 14 Aug 2025 00:00:00 +0530 Tue, 19 Aug 2025 08:38:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776788 The personal-effects exclusion from "capital asset" requires movable property to have an intimate connection with the assessee and to be normally or commonly used personally by the assessee or a dependent family member. A vintage car does not qualify merely because it is capable of personal use or is retained as an object of pride. Absence of evidence of actual or occasional use, maintenance, or running expenses supports treatment of the car as a capital asset. Gain arising on its sale is consequently taxable under the head "Capital Gains." Case-Laws Income Tax Thu, 14 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776788