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.
DISCLAIMER : General information and advice provided is without any warranties as to suitability for any use, correctness and application to any specific case. Please always take proper legal counsel . However, if it helped anyone even a little a " thanks" would be appreciated and would encourage me to keep on making efforts :-) . I am also always open to corrections and further learnings from more experienced Seniors here.