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Car purchased query

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PCS
541 Points Posted on 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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On 07 December 2019 at 09:08 Report
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17264 Points Posted on 07 December 2019
Please write specific query in clear cut way.

Purchase of car - How capital Gain?
Tax on what ?
101 Reply
On 07 December 2019 at 21:21
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Student
23688 Points Posted on 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.
97 Reply
On 08 December 2019 at 23:43
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92 Points Posted on 10 December 2019
No capital gain tax
because motorcar is not a capital asset.
1 Reply
On 10 December 2019 at 23:35
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17264 Points Posted on 18 December 2019
Even if you assume it to be capital asset, where is the question of capital gain tax on purchase of Car ???
101 Reply
On 18 December 2019 at 18:58


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