04 September 2011
i am having a motor car,i have no business income and car is for personal use, i have to show it in my personal balance sheet,should i reduce the value of car by depreciation or not if i supposed to charge depreciation what about capital gain when i sells the car ?
04 September 2011
If you are an salary employee then you can't claim depreciation on motor car. If you running any profession/business activity then you can claim depreciation on your motor car.
05 September 2011
if no depreciation is chargeable,then how to show the asset in personal bal sheet/ statement of affaris at cost value or at reduced value by depreciation, will the value of the asset remain same till i possess the asset
05 September 2011
you can prepare the your personal balance sheet with the depreciation but Income tax the depreciation not allowed since no business income
08 September 2011
what if no depreciation is charged/reduced and sold at a higher price than the cost of purchase after 3 years, how the capital gain calculated for depreciable assets in personal balance sheet when there is no businees income or business asset
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