Hello 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....
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.
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???
CAclubindia
