04 June 2010
An individual has a car which he use for his personal purpose & for the purpose of his business. He is now thinking to sell the car, is capital gain applicable?Why.
since the indvidual is using car for his business to that extent it is not a perssonal asset and on the sale of it capital gain as per sec 50 (since it is depreciable asset) will apply.
04 June 2010
Yes also, if he is using for business purpose than i hope that depreciation is calculated properly and also WDV is arrived. so capital gain have to be paid on such gain
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