Sale of car
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2012
Hi one of my client, salaried employee, has an leased car from pvt company, and he got it transferred to his personnel name on paying Rs 1 lakh and later on he is sold the car at Rs 2 lakh. Whether my client is liable for tax under capital gains ?
Yogesh Agarwal
(Expert)
26 March 2012
Since he bought it for his personal use, the receipt is of the capital receipt in nature and same is not chargeble...
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