Menu
Tax implications on sale of used object.
Do I need to pay sales tax or any other kind of tax if I sell my used musical instrument at a price say of more than 10 thousand? Actually when I purchased it no cash memo was given to me and while selling it I can not issue any cash memo either. In case the buyer deposits the amount to my savings bank account by electronic transfer and I send the item by courier, will there be any problem in future? Please note that considering prices of purchase and sale, I am incurring a loss. I have absolutely no idea about tax implications of used items. So any advice will be appreciated in this regard. Thanks.
Replies (2)
Dear AP, u need not to pay any tax on the sale of personal use items
Thank you for your reply.
Recent Topics :
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
Related Topics :
CAclubindia
