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Loss on Sale of Asset

This query is : Resolved 
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(Querist)
30 October 2009 Hi Friends,

Can any body tell me that loss on sale of asset (car) will be allowed for income tax computation or not.

Please reply asap

Prashant Sawant
Prsawant@otf.co.in
Cell No. 9969936359
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CA Kapil Aggarwal

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CA Kapil Aggarwal (Expert)
30 October 2009 It will be allowed. But for individual adjustment will depend upon income source.
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Satpal Singh

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Satpal Singh (Expert)
30 October 2009 If the entire block is sold then loss is a short term capital loss otherwise the sale value of car will reduce the WDV of the Block and then calculate the depreciation.
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