Buying car for office use from Ltcg

You yourself got confusion !!!

As per sec. 47(iii) of IT act...

Read::  ...... 

47. Nothing contained in section 45 shall apply to the following transfers :—

          (i )  any distribution of capital assets on the total or partial partition of a Hindu undivided family;

         (ii )    [***]

        (iii )  any transfer of a capital asset under a gift  or will or an irrevocable trust : ...."

Then why are you calculating capital gain over the (GIFT) transfer???

That it the basic answer to your query, based on exemption claimed u/s. 54.....

But you are caught in additional sections, which have no importance in this query...

So, not to confused you more, I bid good bye.....

Good Luck...