Loss on Sale of Asset
This query is : Resolved
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
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
CA Kapil Aggarwal
(Expert)
30 October 2009
It will be allowed. But for individual adjustment will depend upon income source.
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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