It is required to show receipt from sale of motor car in ITR of individual
This query is : Open
28 June 2017
Since , motor car is not a capital asset in the hands of individual considering the one is personal asset, therefore there is no capital gain arises from the sale of motor car. The question is that, suppose the amount is handsome one eg. 7 or 8 lakhs ,whether it is required to show receipt from sale of motor car? I really appreciate all your replies. Thanks
28 June 2017
Yes it is not eligible for capital gains as it is not a capital asset but the amount of profit may either be transferred to same block assets if any or may be added to capital account if there are no same block assets.
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