Easy Office
LCI Learning

Profit from Sales of car in I.t. act

This query is : Open 
Profile Image

Profile Image

(Querist)
22 August 2020 I.t. Assess sales of car received from profit capital gains applicable and profit amount shown in books in treatment.
Profile Image

CA Shivani Singhal

Profile Image

CA Shivani Singhal (Expert)
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.
Profile Image

CA PARTH SHAH

Profile Image

CA PARTH SHAH (Expert)
24 August 2020 Kindly elaborate your query.




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries



Trending Online Classes

view all classess
CCI Pro


Answer Query



Quick Links