Capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2014 can anybody tell me why we, not consider car, furniture or plant and machinery as capital assets

Rupesh Jain

Rupesh Jain (Expert)

24 April 2014 CAR FURNITURE ARE NOT THE CAPITAL ASSETS
IT PERSONAL ASSETS NOT CHARGING THE CAPITAL GAIN.

PLANT MACHINERY IS ASSETS FOR BUISNESS,''IF YOU SOLD IT AND SALE PROCEEDS EXCEEDS FROM ITS WDV THEN CHARGE SHORT TERM CAPITAL GAIN.

Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2014 But if i am using car for my business purpose and furniture is kept in my office which is use by my office staff & clients, in that case also car and furniture is not a capital assets

Anoop N S

Anoop N S (Expert)

27 April 2014 It is used for the Business purpose so we are charging depreciation in each Financial Year . at the End the the Profit or Sale of Asset are adjusted with Business Income.

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