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Taxability

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(Querist)
29 September 2017 profit on sale of car is taxable under which head
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Chhatra Singh Dugar

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Chhatra Singh Dugar (Expert)
29 September 2017 Whether car belongs to you individually or in your firms name?
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RAJA P M

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RAJA P M (Expert)
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....
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K Srinivas, CMA CS

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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.
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K Srinivas, CMA CS

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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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