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Tax treatment for loss on sale of car

This query is : Resolved 
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(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.
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CA PARAS BAFNA

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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.
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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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