Sale of car
This query is : Resolved
dileep kumar kadambala
(Querist)
30 June 2015
hi friends .. I want a some clarification.. I have purchased a car in Feb'2008 for 4,33,000 and the same vehicle was sold in last September for 2,80,000. I want to know the legal consequences form this transaction. in which head this income or loss is taxable. thanks in advance.
and the car was used only for personal purpose.
CA. Sunil Gokhale
(Expert)
30 June 2015
As the car was used for personal purpose there is no income tax implication. Profit would not be taxable and loss cannot be set-off against taxable income.
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