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sale of car
my client selling two cars how to calculate capital gain
Replies (7)
Car used for personal purpose will not be a capital asset and hence no capital gain will be computed.
If it is used for business purpose then capital gain will be calculated on Sale price-WDV.
He is a doctor how to find it is personal or capital asset
Is he keeping proper books of accounts and claiming depreciation every year as per Income tax act?
Yes sir he is maintaining books of accounts and claimed depreciation in wdv method
Book value for car is 1377000 but he sold for 875000
Then capital gain = Sale price - written down value
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