Loss on sale of Asset
This query is : Resolved
26 February 2009
My client has sold his car for Rs.1.20 lakhs during the previous year 07-08. The W.D.V. of Car as on 01-04-07 is Rs.2.00 lakhs.
Can he calim loss on sale of car Rs.0.80 lakhs as a business expenditure for the asst year 08-09.
Can he calim loss on sale of car Rs.0.80 lakhs as a business expenditure for the asst year 08-09.
26 February 2009
If the car was a business asset, and there is no other assets in the same block with same rate of depreciation (vehicles) Rs 0.80L can be claimed as business expenditure.
26 February 2009
Thanks for giving explanation, Loss on sale of Car. Car was a business asset and no assets in the same block.
26 February 2009
If it is the case, then you can claim it as a loss on sale.
27 February 2009
The loss of Rs 0.80L is not business expenditure but it is a Short term capital loss u/s 50. This loss cannot be set of against business income u/s 70(1) of The Income-tax Act,1961.
27 February 2009
NO, IT IS NOT A BUSINESS EXPENDITURE & IT IS STCG.
AGREED WITH WARRIER SIR
AGREED WITH WARRIER SIR
27 February 2009
27 February 2009
yes .80 lac LTCG
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Carriage Road Act, 2007 read with Carriage by Road Rules, 2011
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- RELATED TO TRIBUNAL APPEAL
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ITR 4 and Bank transactions
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- Difference between Date of Payment and Date of Deduction?
- Journal entry of busniess expenses
- Cash balance limit and property purchases limit
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
