How to book long term loss in pvt.ltd. co.'s books of accoun

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Querist : Anonymous

Querist : Anonymous (Querist)

31 May 2014 Ours is a Pvt.Ltd.Company. Our Company is share holder of another Pvt.Ltd. Company. During Last F.Y. our company sold out the shares and also transferred it new share holder.

Now in this transaction loss has been made. my question is , Where should I book this loss ? to P&L Debit or should I deduct it from Co.'s Reserves & Surplus ?

Rupesh Jain

Rupesh Jain (Expert)
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31 May 2014 you can show in profit and loss a/c under exemption/extraordinary items and loss in last gone to REserve & surplus a/c.

but under the income tax act. you have to show under diff head LOng term capital loss.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 June 2014 as per as 12 loss must be written off against profit and loss a/c.

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