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. 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.
Do I Need To Pay Taxes on Private Sales Transactions?
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 … 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 … phonak connect to pc
Income Tax on Sale & Purchase of Motor Vehicle In India
WebApr 11, 2024 · “Under the new regime, which will be the default regime from FY23-24, deductions will not be allowed under chapter VIA of the income-tax act’1961 such as … As per the finance bill 2016, when a motor vehicle is purchased the seller is required to deduct TCS. Under section 206(1F) a seller has to deduct TCS @1% on the sale of the motor vehicle that is above INR 10,00,000. It is to be noted that this tax provision will also be applicable if someone buys parts of a vehicle for INR … See more With respect to calculating the tax on sale and purchase of a motor vehicle, Motor Vehicle includes cars, buses, motorcycles, off-road vehicles, light and regular … See more If the motor vehicle is being used for personal purpose then it will not attract any tax on the sale of the vehicle as it is not considered a capital asset. However, if the … See more In order to promote the sale of electric vehicles, a new section 80EEBwas introduced. Under this section as of April 1, 2024, an additional deduction of INR 1,50,000 … See more On Motor vehicles, GST is charged ranging from 12% to 28%. In addition to GST, composition cess is also levied ranging from 1% to 22%. These rates are charged … See more 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. phonak connectivity hotline