Car Sale gain/loss in tax return

This query is : Resolved 
Quick Summary
When selling a personal asset like a car, you generally don't need to declare the sale on your tax return, even if you made a loss. This is because personal use assets are typically exempt from capital gains tax. Therefore, the transaction of selling your car for less than you bought it doesn't require specific reporting in your Income Tax Return.

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(Querist)
17 December 2021 I bought a car in Oct 2017 for Rs 16 lacs and sold the car for Rs 11 lacs in Nov20? Received Rs 11 lacs in my bank account.
How do you show this transaction in IT return? Where do you enter the details for the same?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
17 December 2021 Whether any depreciation was claimed in earlier years?
Or whether the car was personal asset?
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Proloy Samaradivakera

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Proloy Samaradivakera (Querist)
17 December 2021 No depreciation claimed in previous years.
The car was a personal asset.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
17 December 2021 NO NEED OF DECLARATION OF THE SALE OF PERSONAL ASSETS IN ITR.
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