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
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