Ajay Singh (Senior Accountant) (97 Points)
13 October 2011Hi friends,
I have a car model 2005 having cost value of Rs. 500000/- and market value of Rs. 200000/-. I want to sell this car. This car is in good condition and I got a offer of Rs. 300000/-.
Kindly solve my below mentioned prolem:
1. Will there be any capital gain?
2. Is there is any problem to sold the car above market value of Rs. 200000/-.
Kindly answer my questions:
Thanks
Ajay
ACMA Obulirajan R
(M.Com, ACMA)
(1119 Points)
Replied 13 October 2011
There will not be any capital gain arises and there will be no problem if you sell the car above the market rate.
Santosh kumar
(J.A.M)
(73 Points)
Replied 13 October 2011
hi ajay
if sell u r car at any rate there will be no capital gain .
valji
(Accounts manager-MBA)
(2150 Points)
Replied 13 October 2011
agree with above car is personal assets
Nabeel
(CA)
(3288 Points)
Replied 13 October 2011
There won't be ny type of Capital Gain.......... nd u can also sell it above market value........
Kashish Grover
( CA-FINAL, CS-FINAL)
(1671 Points)
Replied 13 October 2011
| Originally posted by : Nabeel | ||
 |
There won't be ny type of Capital Gain.......... nd u can also sell it above market value........ |
 |
Nitesh Matta
(Nothing)
(198 Points)
Replied 13 October 2011
Capital gains doesnt arise in case of personal assets. :)
CA Ksheerabthi Nathan
(CA in practise)
(167 Points)
Replied 14 October 2011
if u have used the car as a peronal asset then u shall not have capial gains on any value u sell the car.u can sell the car above the market price .there is no such restrictions.
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