Adjustment of short term capital loss on sale of motor car
This query is : Resolved
Querist : Anonymous
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.
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.
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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