I have only trading income of around 6.5 lakhs for previous financial year 2022-2023. I have sold my old car for 7 lakh and purchased new car with ex showroom price of 10.21 lakh (on road price around 12.5 lakh) . I have paid 10,212₹ as TCS and it is reflecting in form 26AS.i have not obtained loan and got 2 lakhs from my wife, who is also an earner, my source of funds for new car purchase of 12.5 lakh is, 7 lakh from old car sale, 2 lakh from wife funds, remaining 3.5 lakh from my earnings. My query is, do i have to show my old car sale as income, if yes, then under which head should i add while filing ITR. Should i add both gift from my wife and old car sale proceeds as exempted income (combined 9lakhs) ? .
Hi @STS19
Trading income will be reported in ITR 2 or ITR 3, depending upon the nature of the trades.
For the sale and purchase of a car, you need not show it while filing your ITR if it’s for your personal use.
The TCS of ₹10,212 reflecting in your form 26AS, you can claim it while filing your ITR.