Sale of car - in case of individual when no depreciation
This query is : Resolved
05 July 2016
IN CASE OF INDIVIDUAL , THERE IS NO CAPITAL GAIN TAX ON SALE OF CAR SINCE IT IS NOT A CAPITAL ASSET AS IT IS PERSONAL MOVEABLE ASSET. HOWEVER IN MY BALANCE SHEET I HAVE CAR A/C WITH 5 LAKHS IN IT AND I HAVE NOT CLAIMED DEPRECIATION ON IT. NOW I AM SELLING THE CAR AT 1.5L WHAT WILL BE THE TREATMENT OF BALANCE OF 3.5L. WILL IT BE REDUCED FROM CAPITAL ACCOUNT ?????????
05 July 2016
Are you carrying any business and the Balncesheet u r refering pertains to that business?
05 July 2016
no its individual salaried person balance sheet
05 July 2016
sale of car, its profit or loss will not be reflected anywhere in ur ITR.
In ur books, u can reduce it from Capital.
you can also charge it to ur income and expenditure account a loss of Rs 3.5 lacs which will ultimately give the same reduced capital.
In ur books, u can reduce it from Capital.
you can also charge it to ur income and expenditure account a loss of Rs 3.5 lacs which will ultimately give the same reduced capital.
05 July 2016
ok thank you...its better to directly reduce from capital account
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
