Loss on sale of car

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Santhoshkumar Venkatachalam (Querist)
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18 February 2014 Loss on sale of car can be allowed as a business expenditure..?If it is disallowed under which section..?

CA Aditya

CA Aditya (Expert)
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18 February 2014 Prfit/Loss on sale of car will be fall under the STCG/LTCG but not under the Business or Profession .

Only Depreciation will be coming as business expenditure.

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Santhoshkumar Venkatachalam

Santhoshkumar Venkatachalam (Querist)
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18 February 2014 ok sir,but on a case the loss shown in the p&l.Actually In computation of total income i have to disallow that loss amount, then it will shown in the capital loss.Under which section i have to disallow that amount in Business and Profession

Saleem Abdul

Saleem Abdul (Expert)
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18 February 2014 There is nothing like disallowing the loss amount. There is no point in saying that first it will be disallowed and then it will be shown as capital loss.

Every income is covered in separate heads and we need to calculate total income as per that.

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