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Adjustment of short term capital loss on sale of motor car

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 June 2012 Mr. X, has a sole proprietorship business which includes a Motor Car,
He sold the car during the year bearing a Capital Loss of Rs.250000/-
He has no other Capital Gain.
Please tell me whether he can adjust such loss under any other head of Income
His Business Income is u/s 44AD.
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CA Kalpesh Gokani

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CA Kalpesh Gokani (Expert)
20 June 2012 any capital loss...either short term or long term, can not be set off inter head..i.e. STCL or LTCL can not be set off against business income..including income u/s 44AD
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