rks (owner) 27 September 2014
Hardeep (Business) 27 September 2014
AFAIK, if the asset is being used for personal purposes, there is no tax liability since it will not be considered a Capital Asset. But if its primary use is for your business and it is shown in business books, the loss/ gain from such a sale would fall under short term capital loss/ gain and be taxed accordingly.
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