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PERSONAL EFFECTS definition: 1. things you own that you often carry with you, such as keys or clothing: 2. things you own that…. Learn more.
personal effects. plural noun. Synonyms of personal effects. : privately owned items (such as clothing and jewelry) normally worn or carried on the person. Synonyms. belongings. chattels. duds. effects. gear. goods. holdings. movables. moveables. paraphernalia. personal property. personalty. plunder [ chiefly dialect] possession. stuff. things.
May 14, 2024 · A ‘personal effect’ is a movable property held by a taxpayer for their or a dependent family member’s personal use, and can include items like apparel and furniture. Generally,...
PERSONAL EFFECTS meaning: 1. things you own that you often carry with you, such as keys or clothing: 2. things you own that…. Learn more.
“Personal effects” belong to this category of property, not considered as a “capital asset” and hence, any income arising on the transfer of “personal effects” is not liable to income tax at all. The various aspects of exemption or taxation in relation to personal effects have been discussed below.
The Definition of Personal Effects. Personal effects can be a little harder to classify than household goods are. The SSA describes personal effects as items you ordinarily wear or carry or items that have a special meaning to you. Just as with household goods, the agency provides a list of examples of items that can be treated as personal effects.
Mar 25, 2013 · “(ii) Personal effects, that is to say, movable property (including wearing apparel and furniture, but excluding jewellery) held for personal use by the assessee or any member of his family dependent on him.
Personal effects definition: privately owned articles consisting chiefly of clothing, toilet items, etc., for intimate use by an individual.. See examples of PERSONAL EFFECTS used in a sentence.
Personal Effects definition: Items generally carried or worn on one's person, such as clothing, jewelry, keys, and a wallet or purse.
Definition of "personal effects". Items of personal property that a person owns, often mentioned in wills and bequests. How to use "personal effects" in a sentence. Her personal effects, including jewelry and clothes, were left to her daughter.
