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Capital gains

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(Querist)
03 July 2009 Capital gains on car sold by an individual who has only salery income. Will this transaction attract capital gain.
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taxindiaconnect

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taxindiaconnect (Expert)
03 July 2009 For an individual, a car is a personal effect, thus any gain arising on sale of a car is not taxable in the hands of the an individual.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
03 July 2009 it will not attract capital gain if its owned and used by the asseesee for its personal use.
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Ratan Sharma

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Ratan Sharma (Expert)
03 July 2009 Agree with Devanshi.

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