A govt doctor (receiving salary income) purchased a car for Rs. 8 lac in 2012 and sold this car in 2020 for Rs. 2.5 Lac. Now what is the treatment of this transaction in his ITR for FY 2020-21.
Vijay
2 Replies
yugal jain
(197 Points)
Replied 19 October 2020
It is a personal asset and not a capital asset therefore on sale of car no capital gains tax as per income tax will pe charged .
ayusmita
(Tax consultant)
(5885 Points)
Replied 19 October 2020
No you will not as it's your personal and as the value is less than the investment value
if it is more then there's will be a treatment as per act
if it is more then there's will be a treatment as per act
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
