WebNov 29, 2024 · Whether a car in personal use for 6 years sold at a profit ,will the gain taxable under provisions of the Income Tax Act, 1961; PROBLEM 1:- Mr. X, a resident individual is maintaining a car for his personal use. He … WebIncome Tax Disallowance of depreciation and expenses on Sports Car - personal v/s business expenditure - it could not be stated that when the vehicles were used by the directors 'even if they were personally used by the directors', the vehicles were personally used by the company, because a limited company by its very nature cannot have any ...

Understanding Taxes When Buying and Selling a Car - CarGurus

WebJul 22, 2012 · Income Tax Liability When Selling Your Used Car In a nutshell, the Internal Revenue Service (IRS) views all personal vehicles as capital assets. If you sell it for less … WebJun 19, 2015 · Generally revenue receipts are taxable under Income Tax Act. However, capital receipts from the transfer of a capital asset are taxable as capital gain tax. Does … lithium offtake

Income Tax on sale & Purchase of Motor Vehicle in India

WebRs.900 is not included here as the employer has not provided a driver for the car as per the statement above. Even in a case where the employer provides the manager with Rs.1 lakh … WebSep 2, 2024 · The executor of the decedent’s estate is required to provide a statement to all heirs listing the decedent’s basis in the property, the FMV of the property on the date of the decedent’s death, and the additional basis allocated to the property. Contact the executor to determine what the basis of the asset is. Report the sale on Schedule D ... WebAug 24, 2024 · as per sec 2 (14) of income tax act personal belongings are not covered under definition of capital asset and hence no LTCG is determined , however profit , if … imr.asx