Please let me know on selling old car is there any benefit to be claimed in Income Tax return.
5 Replies
MOHAMMED IMRAN
(1020 Points)
Replied 19 January 2019
car is not a capital asset(personal effects) , so it is not taxable
ACA Sarita Laddha
(Practicing CA)
(1225 Points)
Replied 19 January 2019
if motor car is a personal asset then it is not taxable but if it is used in business then short term capital gain will arise if in block of asset there is no other asset
PUSHP KUMAR SAHU
(CA FINAL ASPIRANT)
(3115 Points)
Replied 20 January 2019
IF CAR IS USED FOR BUSINESS PURPOSE THAN THERE WILL SHORT TERM CAPITAL GAIN OR LOSS ..AS THE CASE MAY BE ..AS PER SECTION 50 ..BECAUSE IT IS A DEPRECIABLE ASSEST ....
BUT IF CAR IS USED FOR PERSONAL USE THAN IT IS NOT AN CAPITAL ASSEST ..THEREFORE NO TAX LIABILTY WILL OCCUR ON THE SAME....
BUT IF CAR IS USED FOR PERSONAL USE THAN IT IS NOT AN CAPITAL ASSEST ..THEREFORE NO TAX LIABILTY WILL OCCUR ON THE SAME....
shiva
(Qualified chartered Accountant)
(21 Points)
Replied 22 January 2019
No since as per income tax sec 2(14)personal effects of movable property taxes are not capital asset hence it wil not leads to tax
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