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Capital gain on sales of car

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(Querist)
10 July 2016 Dear All,
I have a car worth Rs.8.75 Lakhs which I purchased in A.Y.2011-12 & now I wants to sell it for Rs.3.75 Lakhs in current Year. then please let me know what will be the Tax Treatment if the same is use for personal purpose.
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CA ABHAY GUPTA

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CA ABHAY GUPTA (Expert)
10 July 2016 car being a personal use is not an assets thus no capital gain or loss arise...
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Amol S Joglekar

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Amol S Joglekar (Expert)
11 July 2016 if it is PERSONAL asset, then there wont be any element of capital gain.
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