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Loss on sale of Car

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03 March 2019 In the F.Y 2018-19 I met with an Accident and my car was fully damaged. The WDV of my car was 4.23 Lakh whereas I received 3 Lakh from Insurance company. This was the only asset in my block of asset. What would be the tax treatment Under Income Tax Act.Do I need to deduct the loss from capital account or Can I get any benefit under Income Tax?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
04 March 2019 Yes you can get the benefit under income tax. Claim thee loss in tax working.
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