Income tax on car exchange?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2016
I had a Nano car which I bought around 2.4 laks in 2014. Recently i bought another car for 8.6 lakhs. I gave my old car as exchange, and the showroom guy offered me 90,000 for old car. Now I came to know that he is selling my old car for 1.7lakhs. It is still in my name. So, will I be responsible for the difference amount of 80,000 which I did not get? How much tax would be calculated in such scenario?
07 January 2016
You are not responsible for the difference amount of 80,000. Have some documentary evidence that you sold the car for 90,000 to showroom guy.
Message likes :
1 times
07 January 2016
Substance is important over mere legal form. Hence you will not be taxable for what amount you are not receiving. Make appropriate documentation to safeguard yourself.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
