18 June 2008
I am an individual and I have a vehicle - Hyundai Santro purchased in 2002. At present there are no liabilities on the car.[ In the sense no loan outstanding ]. I wanted to know whether there will be sales tax implicable on me if i sell my car now and which all kind of tax implications will apply to me.
18 June 2008
sales tax will be applicable when u sell the car. and if u hv any capital gains that is the selling price is more than the wdv shown in ur income tax return then u need to pay capital gain tax @ 20%.
CAclubindia
