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GST and Income Tax on Sale of Personal Car

Tushar Sharma (MIS cum Accounts Manager and Senior Internal Auditor) (38 Points)

21 September 2021

Dear All,

Please Guide me in this,

Suppose, I am the partner in a firm, and Firm purchase a car in my name and avail a loan facility to buy the same and that loan is also in my name. Firm use that car for business purpose and when we sale that car, what will be GST and Income tax concept on this sale.

Regards

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1 Replies

Pandiyarajan Masanam (32 Points)
Replied 23 September 2021

If it is treat as fixed assets in the firm, and your are calculated the depreciations for the same means. sales of old assets, their is calculation in Gst act. based on that only we need to sale car. rate of tax will be calculated base on model and engine CC of the car. the difference of sale price and actual cost of assets as on sale of asset after depreciations dedcuted amount, it will be shown on profit and loss account for income tax.