Kindly advise me whether income received from sale of my 10 year old car is taxable, if so, should it be shown as income from other sources are capital gain/loss etc.
Thanks in advance
G R Babu
Menu
Sale of 10 year old car - sale proceeds taxable or not
Replies (6)
Whether it is depreciable asset or personal asset???
It is personal asset. sorry I forgot to mention
Profit on sale of personal car is not taxable.
Thanks for your quick response.
Welcome
Will u get profit after using car for 10 yrs....after 10 yrs as per my calculations can will not fetch purchase value
Recent Threads
- Un claim ITC
- Form 49AA - OCI card holder applying for PAN card
- Section 54f and Sale between father and Son.
- Demat of shares of private limited company
- Income only with share market around 5-6 lack
- Missed GST Reporting for March 2025
- Future and Option Turnover
- Outstanding demand
- Error in filing income tax return
- DRAFT - DIRECTOR's REPORT OF BASE LAYER NBFC
Related Threads
CAclubindia
