Sale of car taxable or not

If a car was used in the business & depreciated @ 15% & that business was closed 6 yrs back. Now the sale of that car will be treated as a depreciable asset & liable to tax under short term capital gain?? or no tax because of personal asset ??
plz reply.
Replies (8)
Quick Summary
This discussion explores whether selling a car, previously used for business and depreciated, is subject to capital gains tax after the business has been closed for six years. The consensus is that once the business is discontinued, the car effectively becomes a personal asset. Therefore, its sale is generally not treated as a depreciable asset for short-term capital gains tax purposes.

What was the treatment of assets (including Car) when the business was closed?

Sir; no treatment in the books. business is discontinued. it's a proprietary business.

When was it discontinued?

Was the sale of car in same year of closure of business?

It was discontinued 6 years back. Thereafter no income under pgbp head. car is selling now.

It will be considered as personal asset, in the year of sell.

Ok thank you sir

You are welcome..                        

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