Sale of personal car

This query is : Resolved

hardik (Querist)
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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.

CA LOKESH KASAT, FCA, M.Com

CA LOKESH KASAT, FCA, M.Com (Expert)
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20 March 2009 taxable under other source.

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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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.

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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20 March 2009 Depending on how long you owned the car will determine if the gain was short-term or long-term.

Taranjit Singh

Taranjit Singh (Expert)
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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

CA JAIMIN TRIVEDI (Expert)
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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.

hardik

hardik (Querist)
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22 March 2009 Thank you sir.

but is the profit on sale of car taxable.

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