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Sale of personal car at profit

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01 June 2015 such car is not fall in the definition of capital asset. So no capital gain. But in this way a person can create huge capital by showing huge fake profit. And will convert his black money into white.

Please Comment.
IF TAXABLE THEN GIVE PROPER CLUE WITH REFERENCE TO SECTION.
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CA. Sunil Gokhale

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CA. Sunil Gokhale (Expert)
01 June 2015 It is not taxable. But how much above the market value can the transaction be shown? Showing the sale at a very high price and particularly for cash is inviting trouble.
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