Capital gains
This query is : Resolved
Guest
Guest
(Querist)
29 February 2012
I gat a car through gift worth Rs.13,00,000/- Year 2008, It got damaged and i got Insurance claim of Rs.7.50 Lakhs in the year 2012. Any one Kindly answer to the above to Plan Tax.
I am going to buy a new car worth 11,00,000/-. can I get tax benefit. if not how much i need to pay tax.
I am going to buy a new car worth 11,00,000/-. can I get tax benefit. if not how much i need to pay tax.
29 February 2012
Receipt of 7.5 lacs from the insurance company means that the car was totally damaged and this leads to short-term capital gain as car is a depreciable asset, assuming that entire block of asset exhausts with this damage. To avoid this, the new car need to be purchased on or before 31st March,2012 so that there won't be any short term capital gains. The ledger of asset need to be suitably adjusted for opening WDV, claim received and cost of new car.
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29 February 2012
If the car was used for personal use and not for business use, then capital gain does not arise.
This is so because capital gain is not applicable on PERSONAL ASSETS.
This is so because capital gain is not applicable on PERSONAL ASSETS.
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