CA Day celebration 2024 Easy Office
LCI Learning

Capital gain on sales of car

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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.
Profile Image

CA ABHAY GUPTA

Profile Image

CA ABHAY GUPTA (Expert)
10 July 2016 car being a personal use is not an assets thus no capital gain or loss arise...
Profile Image

Amol S Joglekar

Profile Image

Amol S Joglekar (Expert)
11 July 2016 if it is PERSONAL asset, then there wont be any element of capital gain.
Upgrade to CAclubindia Pro. Subscribe Now!


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CA Day celebration 2024 with Tally CCI Pro

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links