Personal effect is not taxable and if the Gods idols are personal effects those wont be chared with Income tax according to Income Tax Act 1961 (India)
Hey Good question, however you will have to prove with facts and circumstances that the God idol is personal effects. There are many case laws where the Court have come to rescue of assessee if they proved that the items of utensils all of golds and silver were their personal effect and accordingly were , order of court, got exemption from tax.
If you can prove that , God idol will also be personal effect. The only question is "Will you sell you Idol???" |
