Personal Effects – Section 2(22)(c)(iv)(B) | Income-tax Act, 2025 vs 1961

§ 2(22)(c)(iv)(B) · Income-tax Act, 2025

Personal effects

ITA 2025 · 2(22)(c)(iv)(B) ≈ S.2(14)(ii) · 1961 Act
Definition — Section 2(22)(c)(iv)(B)

Means movable property (including wearing apparel and furniture) held for personal use by the taxpayer or any member of his family dependent on him, but excludes jewellery, archaeological collections, drawings, paintings, sculptures, or any work of art.

Act Comparison
Income-tax Act, 2025
2(22)(c)(iv)(B)
Personal effects
Income-tax Act, 1961
2(14)(ii)
Personal effects — exclusion from capital asset
Key Points
  • Existed in the 1961 Act under Section 2(14)(ii) as an exclusion from capital assets — the 2025 Act gives it a named sub-definition within Section 2(22)
  • Personal effects are NOT capital assets — so no capital gains on their sale
  • Jewellery and art are excluded from personal effects — they remain capital assets
💡 Practical Note

Selling your old furniture or clothes? No capital gains. Selling inherited paintings or jewellery? That's a capital gains event.

Published by Simplified Tax India — Clear, section-wise comparison of Income-tax Acts. ← Back to Section 2 Definitions Table
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