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Business asset transferred to Personal Asset

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9 Points Posted on 02 March 2021
I have a laptop used in Business and claim dep. After 2 years, Laptop is now used for personal purpose only and there's only one laptop in my business. What would be its treatment in Income Tax PGBP and Capital Gains ?
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On 02 March 2021 at 10:59 Report
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Chartered Accountant
24588 Points Posted on 02 March 2021
Laptop used in business should be depreciated and the other laptop for personal use should not be shown in accounts
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On 02 March 2021 at 11:05
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17264 Points Posted on 02 March 2021
Eliminate Laptop account by journal entry through capital account.
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On 02 March 2021 at 11:12
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9 Points Posted on 03 March 2021
The question is regarding Income Tax not accounting. And I have clearly mentioned there's only one laptop.
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On 03 March 2021 at 09:57
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17264 Points Posted on 03 March 2021

Do not claim depreciation on laptop in tax computation. 

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On 03 March 2021 at 11:03


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