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Querist : Anonymous

Querist : Anonymous (Querist)

23 January 2013 I own a car worth Rs.10lacs. If I sell it today, is it taxable or not ? I will sell it at 5lacs.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 January 2013 Tax is levied on the difference of Sale Price and Book Value of the car. Tell us the book value, means the value after providing depreciation.
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If it is not recorded in the books, then question of taxability does not arise right now.
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Querist : Anonymous

Querist : Anonymous (Querist)

27 January 2013 thank u...

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