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Itr discloser ?
How to recognize the income generated on sale of private motor car in ITR ? Take an example : Car purchased on 01.09.2012 for value Rs 10 lakhs now as on 21.08.2015 sold to Mr X for Rs 7 lakhs ?
Replies (6)
Personal effects i.e., movable property including wearing apparel, furniture at home, motor car or any other vehicle held for personal use are not a capital asset. Since it is not a capital asset hence no capital gain shall arise.
My question still unanswered ?
Sir, you need not show it in your ITR.
Where to show in ITR ? How much to show ? Please quote section/case law .
Thanks for discussions Mr Harshal
Mr.Singh, i said in the above comment that you need not show it in your ITR
SORRY I DIFFER, can you give me an example of any other income which is not required to be shown in ITR, if this is the one as per your opinion.
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