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(Querist)
21 July 2017 Hi

I bought furniture in 2008 for about Rs 8 Lacs
Last month I sold them to someone for Rs 2.5 Lacs in Cash
I think its a loss , hence I wont show it as income.
What are tax implications?

regards
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RAJA P M online

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RAJA P M online (Expert)
21 July 2017 Dear., You are individual or business or it's home use...?
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Dhirajlal Rambhia online

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Dhirajlal Rambhia online (Expert)
13 October 2021 Loss can be claimed with other income, provided you have used it for your business activity. & had payment received by cheque.




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