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INCOME FROM SELL OF PERSONAL USED CAR

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associate
128 Points Posted on 22 July 2018
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 ???
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On 22 July 2018 at 14:22 Report
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KOLKATA
331 Points Posted on 22 July 2018
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
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On 22 July 2018 at 14:50
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associate
128 Points Posted on 22 July 2018
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
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On 22 July 2018 at 14:54
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KOLKATA
331 Points Posted on 22 July 2018
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
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On 22 July 2018 at 14:58


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