Profit from Sales of car in I.t. act
This query is : Resolved
Quick Summary
22 August 2020
I.t. Assess sales of car received from profit capital gains applicable and profit amount shown in books in treatment.
22 August 2020
If car is for personal use, it is excluded from the capital assets and no income tax is chargeable on gain on sale.
If car is for business purpose, Block of assets system will apply.
If car is for business purpose, Block of assets system will apply.
24 August 2020
Kindly elaborate your query.
10 August 2024
https://docs.google.com/document/d/1lIuoUJXMzki99ox44pLt_WNBJdp2J1bfL9ytjIx12DU/edit?usp=sharing
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
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Non-Compliance documents have not been submitted by the contractors debited
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Journal entry of busniess expenses
- Invertaded duty struture
- Cash balance limit and property purchases limit
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST not cancelled by tenant
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
