Tax on second hand cars
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 August 2013
Dear Sir/madam
I have a doubt regarding the taxability on the income gained by selling the second hand cars.
the income so generated would taxable under which head.
I have a doubt regarding the taxability on the income gained by selling the second hand cars.
the income so generated would taxable under which head.
14 August 2013
if it was not business of yours for selling cars then it will be taxed under other sources.
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 August 2013
THanks@ Sampat. I think it would not come under Capital gain because it is not a capital asset as per definition prescribed in the India Income tax act (The Capital asset does not include personnel items right)
16 August 2013
it will taxable under income from other sources.
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