I have a client who is using Motor Car for his Business Use and has been providing depreciation on the same. Now, he has sold the same exactly after 36 months.(I want scenarios for both less than 36 months and more than 36 months)
WDV is 275000 whereas Sale Value is 250000. Can I provide for capital loss?? Also, which nature, short term or long term??
One thing which is bothering me is the definition of a capital asset which says that personal effects like Motor car are not capital assets.. but does this hold true for a car used in business on which we've provided depreciation also??