An assessee bought a car for personal use and sold it later in the same year 2017-18 for profit. Will profit on sale of car be included in the income? Kindly advise.
Sarath Rajendran
(Nil)
(2791 Points)
Replied 28 July 2018
Car for personal use is not a capital asset So no tax liabilty
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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