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capital gain on sale of car

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is there any tax liability on sale of car??
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On 24 July 2018 at 23:36 Report
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361 Points Joined February 2017
No. Capital gain is leviable only on capital assets. Car is not a capital assets.
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On 24 July 2018 at 23:54
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
Yes... I agreed to Ms Priyankagupta's reply.
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On 25 July 2018 at 00:04
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okay
but there is profit on sale of car
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On 25 July 2018 at 08:51
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
If it's business then transfer to PandL account...

If individual then no more effects.
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On 25 July 2018 at 09:31
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okay
thank you
thank you so much for your reply
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On 25 July 2018 at 14:07

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