Income tax on selling old smartphones and electronics

how many phones are we talking about

Aadhar, Pan Card link karna hai kya ab se Olx/Quikr pe?

The level of paranoia these days 😄

There is no income here(assuming sale<purchase) so no tax, GST already paid on new ph so no GST again

panchabhut wrote:

how many phones are we talking about

Two phones and a laptop

bro mast bechne ka
whenever you think about income tax think if it can be tracked by department & your volume is considerably high.

i.havejosh86 wrote:

Two phones and a laptop

caks2006407 wrote:

There is no income here(assuming sale<purchase) so no tax, GST already paid on new ph so no GST again

While sale do we have to prepare a bill or something as a proof of sale ??

getready wrote:

The level of paranoia these days 😄

Better safe than sorry 😄

i.havejosh86 wrote:

Two phones and a laptop

Are you confident enough that you will be able to sell those?

i.havejosh86 wrote:

Better safe than sorry 😄

income tax didn’t find much after demonetization & you think they will track back your 2nd hand electronics sale it isn’t being safe.

there is a whole market in delhi where we can buy electronics without GST/bill. you get seal packed new products there & they flourish day by day.

i.havejosh86 wrote:

While sale do we have to prepare a bill or something as a proof of sale ??

Not necessary but recommended because just like selling used vehicles, if the sold product is used in some illegal activity then not having the proof of selling may result in getting entangled in police investigation for much more time compared to if you have a clear proof of selling.

guest_999 wrote:

Not necessary but recommended because just like selling used vehicles, if the sold product is used in some illegal activity then not having the proof of selling may result in getting entangled in police investigation for much more time compared to if you have a clear proof of selling.

He only sold phone and not his SIM

Cody wrote:

He only sold phone and not his SIM

You can’t sold your sim legally anyway & a mobile phone device used in illegal activity implicates both the owner of the device & the sim even if they are different person.

Exchange offer ka benefit amazon se buy karein aur tax ke tension se mukt ho jao

Bro you are appointed as next financial advisor for our finance Minister Nirmala sitharaman immediately. Congrats check your mail for G.O order

vkrmjeet wrote:

income tax didn’t find much after demonetization & you think they will track back your 2nd hand electronics sale it isn’t being safe.

there is a whole market in delhi where we can buy electronics without GST/bill. you get seal packed new products there & they flourish day by day.

bro do these devices cost much lesser than what it sells on Flipkart/Amazon?

i.havejosh86 wrote:

Better safe than sorry 😄

Your username suits you.
Full josh

kshmr wrote:

bro do these devices cost much lesser than what it sells on Flipkart/Amazon?

much less bro.
around 20% discount you can expect.
but u loose warranty and they don’t sell phones and electronics that they can easily sell in open market.

pointshunter wrote:

Your username suits you.
Full josh

lagta hai Josh mein hosh kho baitha hai, apna bhai Josh…

GST is applicable only one time , so no GST second time.

Income tax by definition apply on profit. So if you are selling your phone higher than the bought price then you liable to pay taxes on that either in other income, or if quantity is large then through buisness income (By using common sense).

Obviously unless your second hand phone is antic or maybe some weird reason (like you are a celebrity or have crush), you will not get more price than bought price. So basically you will be selling your phone at loss. Which will not have any taxes attached to it.

I thought that a new law has been passed already 😄😄

….if ur net worth is not above 15-20 crores or ur salary or your expenses are not proportional to your declared income…and mind it the gap here is in crores…only then IT department notices anything.

But if you post critical views on BJP or RSS online regularly….beware

praveenpersonel wrote:

Bro you are appointed as next financial advisor for our finance Minister Nirmala sitharaman immediately. Congrats check your mail for G.O order

onion budget will be in demand

Bhai hawala kara lo 

If you have bought a device by availing gst input using your gst number then yes you are liable to pay gst if you sell your device within 5 years.

Sell without bills, no issue. It all depends inflow on volume of cash/transfers in to your banks. Be careful with cash deposits.

op adhe desh ko notice bhijwa ke manega

i.havejosh86 wrote:

Two phones and a laptop

Were they/ Are they shown as part of fixed assets in your balance sheet?