Dear Members,
I went through the provisions of Capital Gain in Indian Income Tax Act and found that personal car is not covered under the definition of "Capital Asset". So does this mean capital gain on sale of personaly used car is not at all taxed or is there some provision in the Other Sources Income category to tax it???
No, these are not taxable.....since these are personal movable properties......
not taxable .
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
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