Car Sale gain/loss in tax return
This query is : Resolved
Quick Summary
Proloy Samaradivakera
(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?
How do you show this transaction in IT return? Where do you enter the details for the same?
Dhirajlal Rambhia
(Expert)
17 December 2021
Whether any depreciation was claimed in earlier years?
Or whether the car was personal asset?
Or whether the car was personal asset?
Proloy Samaradivakera
(Querist)
17 December 2021
No depreciation claimed in previous years.
The car was a personal asset.
The car was a personal asset.
Dhirajlal Rambhia
(Expert)
17 December 2021
NO NEED OF DECLARATION OF THE SALE OF PERSONAL ASSETS IN ITR.
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