GST and Income Tax on Sale of Personal Car

Tushar Sharma (MIS cum Accounts Manager and Senior Internal Auditor)   (38 Points)

21 September 2021  

Dear All,

Please Guide me in this,

Suppose, I am the partner in a firm, and Firm purchase a car in my name and avail a loan facility to buy the same and that loan is also in my name. Firm use that car for business purpose and when we sale that car, what will be GST and Income tax concept on this sale.

 

Regards