Income tax on sale of personal car in india

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August undefined, 2024

WebMar 13, 2024 · 2. Car is used for personal purposes. If the car is used for personal purposes by the employee - whether it’s owned by the company or personally, the expenses incurred against fuel, car maintenance and driver’s salary is fully taxable. 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 …

Tax on New Cars Purchase Collected at Source in India

WebPolice Inspector/ Section Officer. 5. PIYUSH SINGH. Income Tax Officer/Administrative Officer Geade-II Special Agent of Income Tax CID/ Additional Assistant Director. Section Officer. Deputy Superintendent of Police/Block Development Officer. 6. Junior Time Scale. WebApr 7, 2015 · Car used for personal purpose will be personal effect and not treated as capital asset as per definition in section 2 (14). Therefore, the profit on its sale or transfer will not … hello my name is ruby in spanish

No Capital gain tax or income tax on profit on sale of a car or …

WebApr 25, 2009 · Thanks Raju.This means a person without business income will carry the cost of the car at cost in his capital A/c until such time that he sells the car.For example,if a car is purchased in July 2000 for Rs.4,75,000/- and sold in January 2009 for Rs.1,25,000/-,the person would show the cost of the car (Rs.4.75 lakhs) in his Balance-sheet under … WebJan 17, 2024 · Motor cars, other than those used in a business of running them on hire, acquired on or after the 23rd day of August, 2024 but before the 1st day of April, 2024 and … 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 … hello my name is s

Loss on sale of car - Income Tax Tax queries - CAclubindia

1 per cent tax to be levied on car purchase via cash

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 21, 2009 · The entire amount is not taxable as you can avail of a standard deduction of 30% for the maintenance of the property. So, if she pays you Rs 8,000 a month, the total annual rent would be Rs 96,000.... hello my name is samuelWebApr 22, 2011 · No Capital gain tax or income tax on profit on sale of a car or other personal effect. Car used for personal purpose will be personal effect and not treated as capital … hello my name is regret lyrics

"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 … " - Income tax on sale of personal car in india

Income tax on sale of personal car in india

India - Individual - Taxes on personal income - PwC

WebOct 7, 2024 · According to section 206C (1F) of Income-tax Act, 1961 Seller is required to deduct TCS @1% on sale of motor vehicle exceeding the amount of ₹10lakhs. Also from … WebFeb 1, 2024 · The rate of capital gains tax varies based on an individual or married couple’s income bracket. Fortunately, there is a capital gains tax exclusion of $250,000 for individuals or $500,000 for married taxpayers filing joint returns. This exemption is only available when selling a primary residence, and meeting other IRS requirements.

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WebMay 1, 2024 · Updated: 01 May 2024, 10:31 AM IST Balwant Jain. Gold jewellery sale: Long term capital gains however are taxed at flat rate of 20% after applying indexation. (REUTERS) Profits on sale of jewelry ... WebSeller is Resident: 1% TDS would be deducted if the Property Value is more than 50 Lakhs. (Refer: 1% TDS on Sale of Property) Seller is Non-Resident: 20% TDS would be deducted irrespective of property value. Cess and …

WebJan 17, 2024 · Motor cars, other than those used in a business of running them on hire, acquired on or after the 23rd day of August, 2024 but before the 1st day of April, 2024 and is put to use before the 1st day of April, 2024. ... 20000+ CAs & tax experts & 10000+ businesses across India. Efiling Income Tax Returns(ITR) is made easy with Clear … WebJan 14, 2012 · A the time of tax computation, you will have to add back the loss on sale of car, to the profit amount as per your audited accounts to arrive at Gross Total Income. You have mentioned that u have one more car, that means block of asset does not cease to exist. The sale consideration have to be deducted from the the block of asset. Leave a reply

Web1.Calculating car depreciation by using the Prime Cost Technique. The formula: The cost of running the car X (number of days the car is owned ÷ 365) X (100% ÷ effective life in number of years) By using this method, the depreciation of the car is calculated as a set percentage of its total cost. 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 …

WebDec 20, 2024 · The taxpayer is liable to pay tax on such income at a rate of 18.5% (plus surcharge and health and education cess) on the adjusted total income. For a person …

WebJun 6, 2024 · Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business) Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business) Next click on “I’ll choose what I work on” Scroll down the screen until to come to the section “Investment Income” hello my name is robertWebDisallowance of depreciation and expenses on Sports Car -personal v/s business expenditure - As per CIT appellant's sports vehicle has been used for the purpose of business and eligible for claim of depreciation as well as of the expenditure incurred on maintenance and upkeep of the vehicle - HELD THAT:- We are of the opinion that the … lakeshore lancers baseballWebJun 6, 2024 · Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business) Next click on “Wages & Income” ("Personal Income" in … lakeshore learning animal friends clubhouseWebJun 19, 2024 · 273.35 -4.54% Bank Of Baroda 166.85 -0.15% Tata Steel 104.4 -0.43% Adani Power 192.15 1.1% Ashok Leyland 136.5 1.26% Home / Money / Calculators / Income … hello my name is sandraWebLong-term capital gains would be subjected to tax at a rate of 10% (plus applicable surcharge and cess) under Section 112A of the IT Act after claiming an exemption up to INR 1 lakh. However, in ... hello my name is shopWeb1 day ago · The Income Tax Act of 1961 governs property tax as well as other indirect taxes like GST and stamp duty. In the income tax return, all sorts of properties are taxed under the head "income from ... lakeshore landscapes kelownaWebTax on Cars Collected at Source Tax on cars collected at source is 1% which means 1% tax has to be paid by the buyer to the seller of the car. However, this is applicable only on the purchase of cars which cost more than Rs.10 lakh or when a … hello my name is rohan