CA Drushti A. Sanchde (Chartered Accountant) (203 Points)
09 May 2012Hello everyone,
As per sec 38 of Income Tax Act, If any Asset is proportionataly used for personal purpose then propotionate depriciation will be disallowed. but when i sold of this asset then what will be consequenses of capital gain??
Please comment on this....
CA Saiyum khan
(Practicing CA)
(690 Points)
Replied 09 May 2012
The capital gain would be short term capital gain / loss as the case may be and would be taxed accordingly. There would not be any dis allowance.
CA Drushti A. Sanchde
(Chartered Accountant)
(203 Points)
Replied 09 May 2012
Entire will be STCG/STCL??? and personal will also be covered under capital gain...
if in company directors using motorcar on personal and businees purpose then also the treatment would be same???
Priya
(article)
(503 Points)
Replied 09 May 2012
CAclubindia
