Taxability
This query is : Resolved
Chhatra Singh Dugar
(Expert)
29 September 2017
Whether car belongs to you individually or in your firms name?
29 September 2017
You are individual without any business then no need...
The car is under firm name then profit on sale of car is under PGBP....
K Srinivas, CMA CS
(Expert)
02 October 2017
If you were showing the car as a asset in Balance sheet of the firm and claim depreciation, then it is a capital asset and therefore sale of such asset is taxable under capital gains.
K Srinivas, CMA CS
(Expert)
02 October 2017
If you are not claiming depreciation or showing it as an asset in balanc sheet, no taxability arises
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