Selling of car

Tax planning 825 views 7 replies

Hi friends,

I have a car model 2005 having cost value of Rs. 500000/- and market value of Rs. 200000/-. I want to sell this car. This car is in good condition and I got a offer of Rs. 300000/-.

Kindly solve my below mentioned prolem:

1. Will there be any capital gain?

2. Is there is any problem to sold the car above market value of Rs. 200000/-.

Kindly answer my questions:

 

Thanks

Ajay

Replies (7)

There will not be any capital gain arises and there will be no problem if you sell the car above the market rate.

hi ajay 

if sell u r car at  any rate there will be no capital gain .

agree with above car is personal assets

There won't be ny type of Capital Gain.......... nd u can also sell it above market value........

Originally posted by : Nabeel

There won't be ny type of Capital Gain.......... nd u can also sell it above market value........

Capital gains doesnt  arise in case of personal assets. :)

if u have used the car as a peronal asset then u shall not have  capial gains on any value u sell the car.u can sell the car above the market price .there is no such restrictions.


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