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Will profit on sale of a car used for personal purposes be taxable under the IT Act?

FCS Deepak Pratap Singh | Last updated: 29 November 2021

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INCOME TAX QUESTIONS ANSWERS SERIES PART - XXVI Whether the profit on sale of a car in personal use for 6 years be taxable under provisions of the Income Tax Act, 1961 PROBLEM 1: Mr. X, a resident individual is maintaining a car for his personal use. He has sold the care after a period of 6

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About the Author

FCS Deepak Pratap Singh

Associate Vice President - Secretarial & Compliance (SBI General Insurance Co. Ltd.)

Dear Friends, MyselfFCSDeepak P. Singh ( B.Sc.. LLB, FCS. FIII, CIAFP, CRMP, ID) , A Fellow Member of ICSI, Law Graduate ,Fellow Member of Insurance Institute of India, Certified Independent Director ,Certified Insurance Anti Fraud Professional , Certified Risk Governance Professional ( ICSI-III) and cleared Limited I ... Read more

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