Tax treatment for loss on sale of car
This query is : Resolved
RAJESH KUMAR MISHRA
(Querist)
16 February 2014
Dear Expert,
My one of the individual client sold the car and sustained the loss of Rs.50,000/ approx.he has been used the said car for the Business Purpose, kindly give me suggestion in treatment of loss in income tax.
My one of the individual client sold the car and sustained the loss of Rs.50,000/ approx.he has been used the said car for the Business Purpose, kindly give me suggestion in treatment of loss in income tax.
CA PARAS BAFNA
(Expert)
16 February 2014
THE SAID CAR WAS USED FOR BUSINESS PURPOSE SO THAT WAS A DEPRECIABLE ASSET.
.
IN CASE YOU HAVE ANY OTHER ASSETS IN THE SAME BLOCK (15%) YOU CAN ADJUST THE LOSS IN
AGAINST THE WDV OF OTHER ASSETS IN THE SAME BLOCK TO THE EXTENT OF THEIR WDV.
.
IN CASE NO OTHER ASSETS OR THE VALUE OF ASSETS IS BELOW 50000/-, RS 50000/ OR THE REMAINING BALANCE AFTER THE ADJUSTMENT, CAN BE TREATED AS SHORT TERM CAPITAL LOSS.
.
IN CASE YOU HAVE ANY OTHER ASSETS IN THE SAME BLOCK (15%) YOU CAN ADJUST THE LOSS IN
AGAINST THE WDV OF OTHER ASSETS IN THE SAME BLOCK TO THE EXTENT OF THEIR WDV.
.
IN CASE NO OTHER ASSETS OR THE VALUE OF ASSETS IS BELOW 50000/-, RS 50000/ OR THE REMAINING BALANCE AFTER THE ADJUSTMENT, CAN BE TREATED AS SHORT TERM CAPITAL LOSS.
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