banner_ad

Business asset transferred to Personal Asset

Others 247 views 4 replies
User Avatar

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 ?
0 Reply Share Follow
On 02 March 2021 at 10:59 Report
Replies (4)
User Avatar

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
Reply
On 02 March 2021 at 11:05
User Avatar

17264 Points Posted on 02 March 2021
Eliminate Laptop account by journal entry through capital account.
Reply
On 02 March 2021 at 11:12
User Avatar

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.
Reply
On 03 March 2021 at 09:57
User Avatar

17264 Points Posted on 03 March 2021

Do not claim depreciation on laptop in tax computation. 

Reply
On 03 March 2021 at 11:03


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details