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Itax on selling car

Tax queries 785 views 5 replies
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Others
152 Points Posted on 19 January 2019

Please let me know on selling old car is there any benefit to be claimed in Income Tax return.

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On 19 January 2019 at 15:51 Report
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1020 Points Posted on 19 January 2019
car is not a capital asset(personal effects) , so it is not taxable
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On 19 January 2019 at 16:20
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Practicing CA
1225 Points Posted on 19 January 2019
if motor car is a personal asset then it is not taxable but if it is used in business then short term capital gain will arise if in block of asset there is no other asset
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On 19 January 2019 at 16:54
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CA FINAL ASPIRANT
3115 Points Posted on 20 January 2019
IF CAR IS USED FOR BUSINESS PURPOSE THAN THERE WILL SHORT TERM CAPITAL GAIN OR LOSS ..AS THE CASE MAY BE ..AS PER SECTION 50 ..BECAUSE IT IS A DEPRECIABLE ASSEST ....

BUT IF CAR IS USED FOR PERSONAL USE THAN IT IS NOT AN CAPITAL ASSEST ..THEREFORE NO TAX LIABILTY WILL OCCUR ON THE SAME....
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On 20 January 2019 at 01:46
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Others
152 Points Posted on 21 January 2019
Thanks all for reply.
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On 21 January 2019 at 09:12
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Qualified chartered Accountant
21 Points Posted on 22 January 2019
No since as per income tax sec 2(14)personal effects of movable property taxes are not capital asset hence it wil not leads to tax
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On 22 January 2019 at 13:13


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