My client has effected the following transaction:

1) September 2014: purchased car from his employer for Rs 46500/-
2) June 2017: sold car for Rs 9 lacs

During the period September 2014 to June 2017, car was used for personal and family use only. No business use or depreciation charged.

Taxation: in my estimation, the gain of Rs 8.53 lacs on sale of car is not liable to tax as motor vehicle is deemed to be a personal effect and not a capital asset. The gain is not chargeable under any head of the income tax. Request my fellow professionals to share their opinion in the matter.

Thank you.

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