Income tax on car exchange?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2016
I had a Nano car which I bought around 2.4 laks in 2014. Recently i bought another car for 8.6 lakhs. I gave my old car as exchange, and the showroom guy offered me 90,000 for old car. Now I came to know that he is selling my old car for 1.7lakhs. It is still in my name. So, will I be responsible for the difference amount of 80,000 which I did not get? How much tax would be calculated in such scenario?
07 January 2016
You are not responsible for the difference amount of 80,000. Have some documentary evidence that you sold the car for 90,000 to showroom guy.
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07 January 2016
Substance is important over mere legal form. Hence you will not be taxable for what amount you are not receiving. Make appropriate documentation to safeguard yourself.
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