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.
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Sales of personal car
Replies (4)
As per definition of Capital Asset definition personal movable asset is not covered. Hence gain on sale personal car is not taxable.
Gain or loss on sale of personal car is a capital receipt and hence no captital gain arises on it's not a capital asset for Tax purposes.
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)
GST applicable on Profit amount
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