dear all
i have my car sold ,of rs 75000, which was purchased for rs 385000 on f.y 2007-08,, that is solely used for personal purpose , i know that it will not be taxable under head capital gain,as it is used for personal purpose
i want to know wehather this will attract taxbility in any other head,what will be calulation like,,I.e wehather can be claimed in this or not???
thanks in advance
thans sir for reply,,
bt can we claim deprection on this ,, and transferd it to capital account
No, as the car is used for personal purpose than you cannot claim depreciation on that.
It is allowable for the assets used in business purpose.
Thanking you
thanks arpit for your valuble response,,,
According to section 2(45) personal motor car is not a capital assets so transfer of this is not subject to capital gain.
In my above comment instead of 2(14) i have by mistakely mention 2(45)
Thanks Vipin
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