assume Sachin purchase car on 10/10/2019 for RS 15lakhs and sold for 56lakhs on 16/12/2019
what's the tax treatment under income tax.
Yes, capital gains from sale of personal car are exempt but not for vintage cars that fetch a very high value in short time as per case law: Asstt. Cit vs Narendra I. Bhuva on 12 May, 2003 [2004 90 ITD 174 Mum] (Bombay HC)
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