In case of ITR2, in which section I should mention the amount received by Selling my Car.
Selling own car is also taxable right?
Please reply.
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Income from selling car
Replies (7)
If the car is depreciable asset then it will come under Short Term Capital Gain other than STCG u/s 111A.
In case no depreciation is charged on that car, it will be taxable under Long term Capital Gain
Sir its depend on the nature of use of the car
If its used for business purpose than only it is taxable
and if its used for personal purpose than no tax can be charged as all movable goods with personal effect are exempted
Correct me if i m wrong
Yes tha car was used for busness purpose,
Could you please check the attached doc and let me know wheter this is the correct place in ITR2 form.
Sorry dibyendu your attachment is not visible.
attached once again.
attached
Dear Dibyendu,
This car was used for the purpose of business & profession and ITR-4 is applicabel for income from business & profession instead of ITR-2
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