taxation of profit on sale of car
This query is : Resolved
11 November 2016
how to tax profit on sale of car?
12 November 2016
It will b taxed as Sale of Assets, and will b taxed as income from other sources(if the car is in name of any company/partnership etc). And if the car is in individual name then it will b taxed as LTCG.
12 November 2016
thankyou sir
12 November 2016
but Sir
1) in capital gain head I have read that ''car is not included in definition of capital asset''-- so what note can I give in my exam to explain its taxability,if such questio,n asked?
and
2) in income from other source head.if I have to tax this profit,what reason is required.
15 November 2016
plz reply sir
15 November 2016
Its better to show it in Income from other sources in both case.
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