Depriciation
This query is : Resolved
26 May 2014
IN FIXED ASSET SHOW VALUE RS. 600000/- OF MY CAR, NOW I SOLD MAY CAR RS. 400000/-. CAN I TAKE EFFECT OF RS. 200000/- IN P & L A/c.
KINDLY ADVICE ME
KINDLY ADVICE ME
26 May 2014
Yes as loss on sale of fixed assets
26 May 2014
since you are asking question on income tax, it would get included as capital loss.
26 May 2014
But he has asked effect on P &L Mr. Kaushik
26 May 2014
yes Mohit..but we also go by the query classification...
26 May 2014
if you are using as personal assets then
you can not claim as loss or income what so ever.
if you are using in business assets then you can claim as loss or profit after taking depreciation u/s 32 of income tax act 1961.
if your wdv of car is more than selling value then you can file return in Short term capital loss. if vice versa then as short term capital gain.
you can not claim as loss or income what so ever.
if you are using in business assets then you can claim as loss or profit after taking depreciation u/s 32 of income tax act 1961.
if your wdv of car is more than selling value then you can file return in Short term capital loss. if vice versa then as short term capital gain.
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