Loss on sale of car

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 November 2016 i have sale a car amount of rs 199000 in 2015 date of purchase 2011 amount of rs 575000 . i have not claim depreciable value in itr so what i do

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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13 November 2016 First, you should have disclosed whether you are a businessman or professional or employee. If you are an employee then section 45 will apply and a car will be considered a capital asset u/s 2(14). However, as per section 48, there will be no capital gain. Hence there will be no income tax.

Querist : Anonymous

Querist : Anonymous (Querist)

14 November 2016 income considered to income from other sources than what i do?