Sachin sells Ferrari - is it a capital asset?


(Guest)

 

Hi guys,

Just had a doubt. Recently Master Blaster Sachin Tendulkar sold his gifted Ferrari to an Indian businessman. Is it a capital asset and will it be subject to Capital-gains tax?

Let me further add that this Ferrari was gifted to him by Michael Schumacher, a non-resident?

What are the tax implications?

If subject to Capital Gains tax then, Coat of Acquisition is Zero right since Sachin has obtained the car through gift and had not purchased it with his own money?

 

Mohit