GST and Income Tax on Sale of Personal Car

Rules 276 views 1 replies

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

Replies (1)
If it is treat as fixed assets in the firm, and your are calculated the depreciations for the same means. sales of old assets, their is calculation in Gst act. based on that only we need to sale car. rate of tax will be calculated base on model and engine CC of the car. the difference of sale price and actual cost of assets as on sale of asset after depreciations dedcuted amount, it will be shown on profit and loss account for income tax.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Article Trainee

N N V Satish&co

Hyderabad

CA Inter

View Details