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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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)

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 August 2013 it will taxable under income from other sources.

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