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INCOME FROM SELL OF PERSONAL USED CAR
my client sell his used car then where to show that income in itr bcoz TCS of 1% is deducted , is it show as capital gain/loss or any other one ???
Replies (3)
Sale of personal movable asset is not a capital asset hence not chargable under capital gain head.
It is capital receipt which is not chargable under any head
It is capital receipt which is not chargable under any head
but if I utilize TCS amt and reduce my tax but not show income on which that TCS deducted than IT deptt. can send me notice
Generally IT department will not issue any notice against you,
But if you received a notice against the said transaction then just proved that you had sale your personal movable assets.
No problem will be arise claim the TCS and file return
But if you received a notice against the said transaction then just proved that you had sale your personal movable assets.
No problem will be arise claim the TCS and file return
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