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I.tax on sale of car

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 August 2012 Last year i was carrying business and i was claiming depreciation on my car which was use for my business.

Now in current year I closed my business and after closing my business i sold my car?


How Income tax Provision will be attracted in this case?

Thanks in advance..
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Amol S Joglekar

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Amol S Joglekar (Expert)
07 August 2012 Assuming the business to be proprietory.. the closure of business will result in transfer of capital assets to oneself. One can not sell or buy from oneself.. it will be treated as personal asset and hence no capital gain.
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