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Loss on sales of depreciable assets which is ceases to exit

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 September 2012 Dear Sir,

I have sold depreciable business assets and generate a loss and since block is ceases to exit, it seems to be a short term capital loss. Is this loss can be set off in the same year of taxable business income from which asset has been sold ?
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CA Navin Jain

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CA Navin Jain (Expert)
21 September 2012 yes you can set off with business income.
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Pankaj Gupta

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Pankaj Gupta (Expert)
21 September 2012 It is a short term capital loss and such loss can be set off from either long term or short term capital gains.
This rule is applicable in current period and also during the period of carry forward. See sec 74.
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