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
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Sale of 10 year old car - sale proceeds taxable or not
Replies (6)
Quick Summary
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
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