Loss on sale of car in the case of individual
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 July 2013
One of our client in the category of individual, has sold car in loss & no depriciation charged therefore is there capital loss on car to be calculated??
& set off can be claimed of capital loss on car??
& set off can be claimed of capital loss on car??
16 July 2013
if it is a long term capital loss then it cn set off.
CA Kumar Mukesh
(Expert)
16 July 2013
Please clarify whether its personal asset is sold off.
However since Individual has never charged depreciation therefor it can assume that it personal asset & in that case no Capital Gain/loss required to be computed under section 2(14)
Please clarify whether its personal asset is sold off.
However since Individual has never charged depreciation therefor it can assume that it personal asset & in that case no Capital Gain/loss required to be computed under section 2(14)
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