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Capital assets

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(Querist)
06 August 2015 can i show my mobile phone as personal assets in balance sheet. and what happen when i sale of this mobile phone on loss.
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Amol S Joglekar

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Amol S Joglekar (Expert)
06 August 2015 Mobile phone per se is Personal effect unless otherwise purchased and used by the owner.

The personal effects are NOT capital asset subject to however the exceptions like jewellary etc.
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