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Car purchased query

deepak (PCS) (414 Points)

07 December 2019

Our one client purchased One car of rs. 5600000. So Query is It is required to show in capital gain schedule or pay any tax amount?

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4 Replies

Kapadia Pravin (17249 Points)
Replied 07 December 2019

Please write specific query in clear cut way.

Purchase of car - How capital Gain?
Tax on what ?

Shivam RC (Student) (23683 Points)
Replied 08 December 2019

Seriously...

Capital Gain is in the hands of the Seller and not the Buyer. So if you have purchased a Car, where is your Capital Gain ? It's a Cash Outflow.

Hemangi Bhuva (92 Points)
Replied 10 December 2019

No capital gain tax
because motorcar is not a capital asset.

Kapadia Pravin (17249 Points)
Replied 18 December 2019

Even if you assume it to be capital asset, where is the question of capital gain tax on purchase of Car ???

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