We have not earn any Income for a particular previous year and have shown Depreciation of Rs. 10,00,000/- and Loss on sale of Motor Car Rs. 8,00,000/- in P&L. Our IT Dep. in Rs.8,00,000/- Since we have to avail Depreciation advantage in our Next accounting year we have show Business loss in said year.
Now my query is can we claim Loss on sale of Motor car in BP schedule of ITR6, if not than where should we give effect in (BP Schedul of ITR6) and is Loss on sale of Motor allowable under the head of Income from Business ?
CAclubindia
