Resale of A Car - Individual
This query is : Resolved
18 June 2008
I am an individual and I have a vehicle - Hyundai Santro purchased in 2002. At present there are no liabilities on the car.[ In the sense no loan outstanding ]. I wanted to know whether there will be sales tax implicable on me if i sell my car now and which all kind of tax implications will apply to me.
CA Anand Sarda
(Expert)
18 June 2008
sales tax will be applicable when u sell the car. and if u hv any capital gains that is the selling price is more than the wdv shown in ur income tax return then u need to pay capital gain tax @ 20%.
19 June 2008
No sales tax will be applicable on your car.
It wont attract Capital Gain also because it is not a capital asset.
I beg to differ from the opinion of Mr. Ananad.
It wont attract Capital Gain also because it is not a capital asset.
I beg to differ from the opinion of Mr. Ananad.
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