Profit on Sale of Motor Vehicle

[sharif lakhani]

in my humble opinion (not sure) but by common sense all benefits passed by employer to employee are taxed. Thus when the ownership of car passed to you your are rewarded. if you used the car for business as well as personal purpose
cost 1000000
dep 100000
net 900000
the employer is passing on benefit of 450000/-
if you used only for business purpose
cost 1000000
dep 100000
net 900000
less your loan 500000
benefit passed to you 400000
seniors comment please