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Profit from Sales of car in I.t. act

This query is : Resolved 
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(Querist)
22 August 2020 I.t. Assess sales of car received from profit capital gains applicable and profit amount shown in books in treatment.
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CA Shivani Singhal

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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.
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CA PARTH SHAH

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CA PARTH SHAH (Expert)
24 August 2020 Kindly elaborate your query.
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
10 August 2024 https://docs.google.com/document/d/1lIuoUJXMzki99ox44pLt_WNBJdp2J1bfL9ytjIx12DU/edit?usp=sharing
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