Sale of personal car at profit
This query is : Resolved
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.
Please Comment.
IF TAXABLE THEN GIVE PROPER CLUE WITH REFERENCE TO SECTION.
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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