Q1) Whether Individual assessee having Motor Car (for his personal use) in his balance sheet charge depreciation?
Q2) What would be the tax implication if he sales Motor Car at a profit of say Rs.50,000/- i.e. whether it would be charged under any heads of income or it is non taxable?
Q3) I have invested in Infrastructure bond (CCF) @ Rs.20,000/- whose maturity after 5 years would be 44,500/- (approx) i.e. return of around 8 to 8.25%.
Should we consider Interest accrued on Infrastructure bondIs every year as our income or should it be considered at the time of maturity. In both the case i.e. yearly or maturity, whether Interest amount is exempt from tax or it is chargeable to income tax under other sources? Also whether Principal sum is exempt from tax or not at the time of maturity after 5 years.?
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