sale of personal car- whether taxable or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 March 2011
i have sold my personal car with profit of40000. whether it is taxable in the other sources or not?
CA Robin Betala
(Expert)
22 March 2011
If car is wholly used as for personal nature then no tax is to be paid as its not consider as capital asset as per section 2(14) of income tax act and therefore no tax is to be paid.
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