Naman Kothari (Student) (23 Points)
09 March 2017Few client got notice u/s 139(9) for the same matter that, Deducted capital gain from PGBP income as Other Expempt income / Cpital gain. And in other head (Other expempt income / Capital gain) the income of sale of car not shown ; Because its not covered under that head.
But in both cases notice issued.
what i can do while filling rectification.
Pls Suggest me.
CA V KARTHICK
(Chartered Accountant in Practice)
(506 Points)
Replied 12 March 2017
Motor Car is not a Capital Assets. It is covered under Personal Effects. So there will not be any Taxable capital Gain on transfer of Motor Cars.
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