Sachin sells Ferrari - is it a capital asset?
(Guest)
47 Replies
Sunshine
(Helping All)
(10575 Points)
Replied 29 June 2011
Sachin got his tax exempted from the govt. when he got the car as a gift....
It is a personal effect as it is a movable asset for self use--- so doesnt qualify to be a capital asset for the purpose of capital gain...
so it wont be taxable...
Sunshine
(Helping All)
(10575 Points)
Replied 29 June 2011
waiting for others to comment on the issue...
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 29 June 2011
i think it will be taxable
Sunshine
(Helping All)
(10575 Points)
Replied 29 June 2011
How can u say its a capital asset??? please elaborate...
Desi Mojito
(Chartered Accountant)
(142 Points)
Replied 29 June 2011
it wont be a capital asset. Thus CG not applicable.
Hardik Dave
(IPCC and CS Professional(FINAL) Student)
(15533 Points)
Replied 29 June 2011
First of all, sachin received as a gif that car, so for him it is gift, and that time also govt. Exempt duty and custom on car of sachin, however in my opinion it is nt capital asset, i am agree with sneha .
CA ASHISH SHAH
(CHARTERED ACCOUNTANT)
(353 Points)
Replied 29 June 2011
Pl read sec 2(49)i.e defination of Capital Assets. Assets of personal effect is not and capital assets chargeable to tax.
PRAMOD KUMAR
(CHARTERED ACCOUNTANT)
(104 Points)
Replied 29 June 2011
Hi MOHIT
Your question seems to be so relavnt with the latest developments.
My opinion is that Sports Car cannot be a personal asset and hence liable to capital gains tax.
As the car was gifted to Sachin, no question of indexation arise, as the aquisition cost is a BIG ZEROOOOO,
Also from the ethical point of view, it seems so unfair on part of a Sportperson of Sachin's standard to have sold the car. He could also have gifted the same to BCCI.
I am sure Sachin earns enough so as not to be dependent for his daily survival on the consideration receivable from car's sale.
JAISI JISKI SOCH, Uska Ram Dharam Woh hi Jaane.
PRAMOD
M. N. JHA
(CA)
(8316 Points)
Replied 29 June 2011
Pramod Bhai. . . . . . . Ethics is different from law. . . . . . . Replace sachin with himself and then reply again if u want. . . . .
Recent Topics
- Gst on dance classes
- New Remuneration Clause Applicable from which Asse
- Be Alert - Bogus Tax Claims Exposed: IT Dept Warns
- Cash limit donations received
- Sales credit note and delivery challan
- ITC regarding query
- TReDS platform and accounting
- Can I show Salary to avoid TDS 194J
- Stamp Duty on Conversion of Partnership firm to Co
- RCM libilities
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
