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Tds on personal assets

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 September 2011 i am having a motor car, i have to show it in my personal balance sheet,should reduce the value of car by depreciation or not
if i supposed to charge depreciation
what about capital gain when i sells the car ?
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
05 September 2011 The sections of depriciation are applicable only on Business.

If an asset is not used in business then no depriciation is allowable.

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