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 Topic
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
- Tds on deceased's pan
- Exempt income declaration schedule EI in ITR2 (AY2
- Mold cost invoice in GST return
- WhatsApp document sharing: Client sends Aadhaar, P
Related Topics
CAclubindia
