Is income from sale from own car is a taxable income

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Dear Team ,

I am a Salaried Person . Recently I have sell my own car & for that I have received a amount from seller . My Question is :

a) Is that amount is my Taxable Income ..if so than what is the way to waive out or what will be the tax rate for that income .

Bye

Kaushik

 

Replies (6)
It is not a taxable income since personal effects (asset used for personal purposes)
has been specifically excluded from the definition of capital asset as per sec 2(14) of the Income tax act

Thanks a lot for your suggession . Shall I requir to show the same in my Income Tax return !!!

There is no need to show in return of income.

There is no need to show in return of income.

Thanks a million to all of you


CCI Pro

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