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Sale of personal effect

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(Querist)
18 March 2014 If I purchase a second hand Tata Nano for Rs. 15000/- for personal use, this car will not be my capital asset. subsequently I sell the car for Rs. 50000/- after one month. since the car is not a capital asset, there will be no capital gain tax. Question: 1. Will the profit of 35000/- be taxed under the head 'Income from other sources'? 2. if the sale consideration is 10000/- instead of 50000/- will the loss of 5000/- be allowed for set off ?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
19 March 2014 1. Such income is NOT taxable.
2. Further loss also has NO treatment.
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