Sale of personal car

Dipjyoti Majumdar (CA in service & CS. dipmaj@ )   (3469 Points)

26 March 2014  

Friends,

A salaried assessee purchased a car for personal use 6 years back at 4 lakhs. He sold the car at 1 lakh this month. How to compute loss/profit on sale. Will there be indexation benefit given. Will depreciation be allowed. Note this is not for business use.

Regards,