Buying car for office use from Ltcg

Quick Summary
This discussion clarifies that purchasing a car for office use from Long Term Capital Gains (LTCG) funds does not allow for deductions against LTCG. Instead, such expenses may be claimable under 'profits and gains from business and profession'. The conversation also touches upon the reversal of capital gains tax exemption if a newly purchased asset, used for exemption, is gifted within three years.

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???

 

Because u said exemption claimed will be reversed so

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...

Headings of sections 45 and 54 are very clear i think. neither of the headings speaks about gift transfer/transaction instead they speak about profit arising from the transfer, and in more particular section 54 heading specifies about sale transaction sir

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