sale of car
Shankar Srt (8 Points)
08 June 2018
my client selling two cars how to calculate capital gain
7 Replies
CA Shivam Arora
(Chartered Accountant)
(2414 Points)
Replied 08 June 2018
Car used for personal purpose will not be a capital asset and hence no capital gain will be computed.
CA Shivam Arora
(Chartered Accountant)
(2414 Points)
Replied 08 June 2018
If it is used for business purpose then capital gain will be calculated on Sale price-WDV.
Shankar Srt
(8 Points)
Replied 08 June 2018
He is a doctor how to find it is personal or capital asset
CA Shivam Arora
(Chartered Accountant)
(2414 Points)
Replied 08 June 2018
Is he keeping proper books of accounts and claiming depreciation every year as per Income tax act?
Shankar Srt
(8 Points)
Replied 08 June 2018
Yes sir he is maintaining books of accounts and claimed depreciation in wdv method
CA Shivam Arora
(Chartered Accountant)
(2414 Points)
Replied 08 June 2018
Then capital gain = Sale price - written down value
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