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.
CA.Tarun Maheshwari
(Expert)
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.
CA.MANOJ LAMBA
(Expert)
27 February 2009
NO, IT IS NOT A BUSINESS EXPENDITURE & IT IS STCG.
AGREED WITH WARRIER SIR
AGREED WITH WARRIER SIR
VINOD KUMAR GUPTA
(Expert)
27 February 2009
VINOD KUMAR GUPTA
(Expert)
27 February 2009
yes .80 lac LTCG
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