capital asset sec 2(14)
This query is : Resolved
05 November 2008
hello
Sec 2(14) says Capital asset does not include "personal effects of movable nature"
ex: car used for personal purpose not a capital asset
but
ex: car used for business purpose is a capital asset.
now my question is what will happen if a single car is used for both personal n private use?
thanks in advance
tima
Sec 2(14) says Capital asset does not include "personal effects of movable nature"
ex: car used for personal purpose not a capital asset
but
ex: car used for business purpose is a capital asset.
now my question is what will happen if a single car is used for both personal n private use?
thanks in advance
tima
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