A govt doctor (receiving salary income) purchased a car for Rs. 8 lac in 2012 and sold this car in 2020 for Rs. 2.5 Lac. Now what is the treatment of this transaction in his ITR for FY 2020-21.
Vijay
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Sale of car by a salaried doctor
Replies (2)
Quick Summary
It is a personal asset and not a capital asset therefore on sale of car no capital gains tax as per income tax will pe charged .
No you will not as it's your personal and as the value is less than the investment value
if it is more then there's will be a treatment as per act
if it is more then there's will be a treatment as per act
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