Capital gain on sales of car
This query is : Resolved
10 July 2016
Dear All,
I have a car worth Rs.8.75 Lakhs which I purchased in A.Y.2011-12 & now I wants to sell it for Rs.3.75 Lakhs in current Year. then please let me know what will be the Tax Treatment if the same is use for personal purpose.
I have a car worth Rs.8.75 Lakhs which I purchased in A.Y.2011-12 & now I wants to sell it for Rs.3.75 Lakhs in current Year. then please let me know what will be the Tax Treatment if the same is use for personal purpose.
10 July 2016
car being a personal use is not an assets thus no capital gain or loss arise...
11 July 2016
if it is PERSONAL asset, then there wont be any element of capital gain.
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