taxation of profit on sale of car
This query is : Resolved
11 November 2016
how to tax profit on sale of car?
12 November 2016
It will b taxed as Sale of Assets, and will b taxed as income from other sources(if the car is in name of any company/partnership etc). And if the car is in individual name then it will b taxed as LTCG.
12 November 2016
thankyou sir
12 November 2016
but Sir
1) in capital gain head I have read that ''car is not included in definition of capital asset''-- so what note can I give in my exam to explain its taxability,if such questio,n asked?
and
2) in income from other source head.if I have to tax this profit,what reason is required.
15 November 2016
plz reply sir
15 November 2016
Its better to show it in Income from other sources in both case.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- Type of Capital Gain
- F&O reporting in ITR
- Grand in aid
- Taxability of credit in canara bank ET & T section (NRO)
- Loss of interest in PF transfer from EPFO to Trust
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
