Capital gain on sale of car
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2014
I won a car in a contest on 08-11-2011, its Value is Rupees 1,39,656.
I paid TDS u/s194b of Rupees 41,897 on 08-11-2011 (@30%), for the above said car.
I sold the car on 10-01-2012 for Rupees 1,00,000.
How to proceed for capital gain tax?
what will be my cost of acquisition or purchase consideration?
what is the net capital gain tax amount i have to pay?
Thank you
I paid TDS u/s194b of Rupees 41,897 on 08-11-2011 (@30%), for the above said car.
I sold the car on 10-01-2012 for Rupees 1,00,000.
How to proceed for capital gain tax?
what will be my cost of acquisition or purchase consideration?
what is the net capital gain tax amount i have to pay?
Thank you
CA Parul Saxena
(Expert)
26 February 2014
No Capital gain is to be paid as you already suffered a Capital Loss of Rs.39656
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