Sale of personal car
This query is : Resolved
20 March 2009
Respected Sir,
Is profit on sale of my personal car (on which no depreciation is claimed) taxable.
If yes, then whether it is taxable as Capital gains or as Income from other sources.
Thank You & Regards.
Is profit on sale of my personal car (on which no depreciation is claimed) taxable.
If yes, then whether it is taxable as Capital gains or as Income from other sources.
Thank You & Regards.
20 March 2009
taxable under other source.
20 March 2009
Losses on the sale of personal property are not deductible, but gains from such sales are taxable.
If you get increased value, you would have a reportable capital gain.
If you get increased value, you would have a reportable capital gain.
20 March 2009
Depending on how long you owned the car will determine if the gain was short-term or long-term.
Taranjit Singh
(Expert)
20 March 2009
Personal movable property is not a capital asset, so no capital gain will be there. If your query is still doubtful please ask me again in detail..
CA JAIMIN TRIVEDI
(Expert)
20 March 2009
as per definition of capital assets u/s 2(14), any personal effects held for personal use does not fall within capital asset. Thus motor car held for personal use is not taxable.
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