Please let me know on selling old car is there any benefit to be claimed in Income Tax return.
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Itax on selling car
Replies (5)
car is not a capital asset(personal effects) , so it is not taxable
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
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....
BUT IF CAR IS USED FOR PERSONAL USE THAN IT IS NOT AN CAPITAL ASSEST ..THEREFORE NO TAX LIABILTY WILL OCCUR ON THE SAME....
Thanks all for reply.
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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