The sale of personal movable assets of an assessee is not taxable (Section 2(14)). So i guess car used for personal purposes won't be considered as a capital asset as per The Income Tax Act.
If it is, then what would happen if an assessee sells a vintage car which he is been using for his personal purposes. Vintage car's are price less and the sale of it can fetch him huge profits.
In the above case,
1. Is vintage car a capital asset ?
2. If it is not, what happens to the gain arising from such a transaction?
Kindly clarify
Regards
CAclubindia
