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Business asset transferred to Personal Asset
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 ?
Replies (4)
Quick Summary
Laptop used in business should be depreciated and the other laptop for personal use should not be shown in accounts
Eliminate Laptop account by journal entry through capital account.
The question is regarding Income Tax not accounting. And I have clearly mentioned there's only one laptop.
Do not claim depreciation on laptop in tax computation.
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