set off & c\f of loss

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 July 2011 one of our client had purchased a car and within 6 months he sold the same at a loss of Rs. 10000/-. Please guide me as how to deal with the same? can we set off the same against the business income or we have to carryfwd the same as there is no capital gains or any other alternative???

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

01 July 2011 In case there is no other asset in the block, the amount can be written off as business loss.
Since no depreciation has been claimed in respect to this asset, Section 50 will not be applicable.

However, you may wait for the opinion of our experts.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now