It return: business expenses -> proprietors capital loss
This query is : Resolved
03 September 2012
Can proprietor show Direct/Indirect Expenses of Business as Capital Loss in IT returns (Individual)?
The goal is to write of capital loss against capital gain (which is not possible for business expenses).
Thanks,
Kapil
The goal is to write of capital loss against capital gain (which is not possible for business expenses).
Thanks,
Kapil
04 September 2012
How can we show a business related expense in Capital gains of the assessee?An expense in business is not a capital related expense to be adjusted against Capital gains.
How can we show a business related expense in Capital gains of the assessee?An expense in business is not a capital related expense to be adjusted against Capital gains.
05 September 2012
Well, let me explain ...
Proprietor loans personal capital to Company
Company makes losses, including business expenses.
Proprietor writes off loaned capital to business (losses+Expenses) as BAD DEBT = CAPITAL LOSS.
Why this cannot be done?
Thanks in advance,
Kapil
Proprietor loans personal capital to Company
Company makes losses, including business expenses.
Proprietor writes off loaned capital to business (losses+Expenses) as BAD DEBT = CAPITAL LOSS.
Why this cannot be done?
Thanks in advance,
Kapil
05 September 2012
Because of the simple reason that loans advanced do NOT fall under the category of capital assets and hence cannot be treated as loss from capital asset.
If you still believe it does, could you please tell whether capital gains is taxable when the company does well and redeems the loans?
Bro, i'd suggest that you go through the capital gains provisions well because you are very confused
If you still believe it does, could you please tell whether capital gains is taxable when the company does well and redeems the loans?
Bro, i'd suggest that you go through the capital gains provisions well because you are very confused
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