25 January 2014
An individual Pur. a car in the name of Proprietorship concern (eg. XYZ Corporation) on 20th july 2013 and same is sold on 20th Jan.2014, The car is used for the Business purpose. So my query is what tax treatment is used for the above. whether the assesse can claim the depreciation? Whether it is a Capital Asset in nature? what if it was in the name of the individual? pls. explain section wise. thanks.
CAclubindia
