As per sec 2(14) of Indian Income Tax Act, Capital Assets does not include personal effect of moveabe nature (with few exceptions) including car.

So on the sale of car there in no capital gain tax for any person.

aala aala..,.............

IF the asset is used for personal purposes then, the question of looking over it as a capital asset , itself does not arise........since assets used for personal purposes are not included for the calculation of capital gain.....and also if a gift is recieved in kind then it is expempted up to a sum of RS-50,000..........

It is a personal effect..., does not attracts the provisions of CG

BUT MY DEAR FRIENDS, 

                                             PERSONAL EFFECT DOES NOT INCLUDE CAR.

THEN HOW YOU ARE SAYING IT IS NOT A CAPITAL ASSET AND HENCE WHEN TRANSFER TAKES PLACE , THETE WILL NO ANY CAPITAL GAIN TAX.

I AM NOT AGREE WITH THE ANSWERS PROVIDED BY MEMBERS OF CCI FAMILY.

the car was a personal effect for sachin so it doesn't qualify to be a capital asset U/s 2(47). Hence no capital gain would arise in this transaction

this is movable personal effect and it is excluded from the defination of capital asset and therefore this car is not a capital asset and capital gain tax would not be levied on the same.

Normally, if the receipient of gift transfers, it is taxable in his hands. but the car being a personal car doesn't come udner the meaning of capital asset. So no capital gains is taxable in the hands of sachin.

Confusion .......................

As per my view,

I think if it is not falling under the Capital Gain tax as becasue it is not a capital asset then it would be regarded as Income From other Sources.

And any income by whatever means shoud be taxed accordingly if it is not exempt under any provisions of the Income Tax Act, 1961.

Please let CA's participate in this discussion... Want some expert views from CA's as well

It is not a capital asset hence not taxable.

yaar anyone plz ans my query also, posted at /forum/is-gmcs-reqd-to-be-completed-b4-appearing-4-campus-placement-152328.asp

thnx

The car was used by Sachin for his personal use, and therefore it will be a "Personal Effect of a movable nature". The definition of Capital Assets clearly excludes personal effects. As a result, capital gains tax will not be attracted.

I also think that the fact that the car was gifted by a non-resident is of no significance. 

car is not a capital assets as per the defition of capital assets so no capital gain will arise.