Kindly advise me whether income received from sale of my 10 year old car is taxable, if so, should it be shown as income from other sources are capital gain/loss etc.
Thanks in advance
G R Babu
6 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 27 February 2024
Whether it is depreciable asset or personal asset???
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 27 February 2024
Profit on sale of personal car is not taxable.
Mahesh Shah
(2308 Points)
Replied 28 February 2024
Will u get profit after using car for 10 yrs....after 10 yrs as per my calculations can will not fetch purchase value
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