set off & c\f of loss
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
(Expert)
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.
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.
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