Tax treatment of loss on sale of personal use car
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 February 2014
A Client having a business income.
He occurred loss on sale of his personal car.
Whether this loss was claim against normal income or LTCG & STCG
Please carlify
He occurred loss on sale of his personal car.
Whether this loss was claim against normal income or LTCG & STCG
Please carlify
11 February 2014
Business Asset:
--------------
In case there is no other asset in the block the loss suffered is a short term capital loss.
.
Personal Asset
--------------
The loss has to be debited to Capital Account in case the car has not been used for business purpose.
.
--------------
In case there is no other asset in the block the loss suffered is a short term capital loss.
.
Personal Asset
--------------
The loss has to be debited to Capital Account in case the car has not been used for business purpose.
.
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