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