Loss on Sale of Capital Assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 July 2011
A proprietor has truck for business purpose. After 2 years of use he sold trucks.There is no depreciation charged in current year and loss incurred in sale of trucks. Can it possible to adjust loss under section 50 against profit of current year.
U S Sharma
(Expert)
11 July 2011
it would be short term capital loss and fully adjustable from current year income.
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11 July 2011
No comment on the answer of Mr. U. S. Sharma
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