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Sachin sells Ferrari - is it a capital asset?
Replies (47)
Sachin got his tax exempted from the govt. when he got the car as a gift....
It is a personal effect as it is a movable asset for self use--- so doesnt qualify to be a capital asset for the purpose of capital gain...
so it wont be taxable...
waiting for others to comment on the issue...
i think it will be taxable
How can u say its a capital asset??? please elaborate...
it wont be a capital asset. Thus CG not applicable.
First of all, sachin received as a gif that car, so for him it is gift, and that time also govt. Exempt duty and custom on car of sachin, however in my opinion it is nt capital asset, i am agree with sneha .
Not a Capital Asset.
it is not a capital asset
Not a capital asset So no capital gain tax.
Pl read sec 2(49)i.e defination of Capital Assets. Assets of personal effect is not and capital assets chargeable to tax.
Hi MOHIT
Your question seems to be so relavnt with the latest developments.
My opinion is that Sports Car cannot be a personal asset and hence liable to capital gains tax.
As the car was gifted to Sachin, no question of indexation arise, as the aquisition cost is a BIG ZEROOOOO,
Also from the ethical point of view, it seems so unfair on part of a Sportperson of Sachin's standard to have sold the car. He could also have gifted the same to BCCI.
I am sure Sachin earns enough so as not to be dependent for his daily survival on the consideration receivable from car's sale.
JAISI JISKI SOCH, Uska Ram Dharam Woh hi Jaane.
PRAMOD
Pramod Bhai. . . . . . . Ethics is different from law. . . . . . . Replace sachin with himself and then reply again if u want. . . . .
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