Suppoes an individual won a car in show. and he sold the same car in the market at the higher rate.
So my question is
is this transaction liable to tax 2 times:
1) as a winnnigs as a other sources?
2) as a LTCG on sale of car
Menu
Capital gain on sell of car earned in winnings
Replies (6)
It will be taxable as winning from lotteries only...........
however, it shall nt be chargeable at the tym of further sale........i.e. no capital gain shall arise on sale........Reason being, Car is an personal movable asset and such assets are not considered as capital asset...therefore nt chargeable as capital gain....
plz correct me if m wrng
Agree wid Mr. Sumit
Right Mr. Sumit is right..
Agreed with Sumit......
Agree with CA Sumeet.
the Explaination given by Sumit is correct.there is no capital gain as the car is a personal effect and not liable to Capital gan tax.
Recent Topics :
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
- Demand from TRACES
- FY 2025-26 ITC CLAIM DUE DATE
- 96084000 and 48202000 HSN code ka Tax Rate kya hai
- Clarifications for intra day transactions
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
Related Topics :
CAclubindia
