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Querist : Anonymous

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Querist : Anonymous (Querist)
09 July 2015 Hello,

Entity being partnership firm has sold motor car for 40000 on 30/08/2014.block consists only one car. WDV as on 01/04/2014 is 48650. Please guide me how to deal with this
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CA John Abraham Austin ACA

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CA John Abraham Austin ACA (Expert)
09 July 2015 You want the taxation effect or entry in the books of accounts ?
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Querist : Anonymous

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Querist : Anonymous (Querist)
09 July 2015 I want effects from sides
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CA John Abraham Austin ACA

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CA John Abraham Austin ACA (Expert)
09 July 2015 It is a short term capital loss.

It can not be considered under Profits & Gains from Business or Profession. rather, you may claim as a 'Short Term Capital Loss' and claim in the same previous year itself.
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CA John Abraham Austin ACA

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CA John Abraham Austin ACA (Expert)
09 July 2015 On Accounting Entry part:-

Cash/ Bank A/c- Dr. 40,000
Loss on sale of asset -Dr 8,650

To. Motor Car 48,650
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