banner_ad

Sale of Personel Assets

This query is : Resolved 
Profile Image

Profile Image

(Querist)
30 July 2010 An Individual having certain personnel assets (like Motor Bike,Maruti Car etc) are sold in F.Y.209-10. No Depreciation cliamed till date thereon either in books or under tax.

Now whatever the profit/loss on sale of the same, how to be considered the same from tax point of view & how to be effected in books which shown as fixed assets prior to their sale.

Profile Image

CA Vijay Kumar Gupta

Profile Image

CA Vijay Kumar Gupta (Expert)
30 July 2010 In my opinion, income on sale of motor bike,Maruti car on which no Dep. is claimed till date are not subject to tax as these are personal effects. Surplus/deficit should be reflected in profit & loss account.
Profile Image

CA. Anoop Gadia

Profile Image

CA. Anoop Gadia (Expert)
30 July 2010 if car and other assets are personal in nature than by provisions of Capital gain exclusions these assets are non taxable and profit and loss directly transfer to capital.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details