If a person sell his self used car after 3 years of buying then how we will calculate Income/loss on this transaction.
Can we use depreciation for income/loss calculation.
Example- I bought a car on 01.01.2017 at the cost of Rs. 8,00,000. I sold this on 31.12.2010 at Rs. 5,00,000.
Plz tell how i will calculate income/loss of this transaction and in which head i have to show this transaction in computation of Total Income.
Menu
Income Tax on Sale of personal Use Car
Replies (2)
Quick Summary
Was that car used for personal purpose ???
PERSONAL CAR is not covered in definition of CAPITAL ASSETS - Sec. 2(14) of Income Tax Act 1961
and any gain on such movable personal assets of assessee is not chargeable to TAX .
NO TAX on personal car .
Recent Topics :
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
- Omitted E-Commerce Sales Reported in Table 14 but
- Omitted sales shown in GSTR-1 Table 14 but not in
- EWAY BILL TAKE OUT OF OTHER COMPAMY
- Penalty & late fee for late ITR filing
- Business discontinued as Government took possessio
Related Topics :
CAclubindia
