Sale of 10 year old car - sale proceeds taxable or not

It is personal asset. sorry I forgot to mention

Thanks for your quick response.

A privately used car is a personal effect and, under section 2(14), is excluded from the definition of a capital asset. Therefore, its sale does not give rise to a taxable capital gain or capital loss. The sale proceeds are also not taxable as “Income from Other Sources” merely because the car was sold for more than its original cost. This assumes the car was held for personal use, not as stock-in-trade or for a business.

For a personal-use car, no capital gain or loss needs to be reported in the return. If it was a business asset, the tax treatment may instead involve depreciation and business-income provisions.

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