Depreciation and pnl loss

Sanjay (Director) (154 Points)

21 September 2012  

Hi,

Mr. A purchased a car worth 6 Lacs.

Mr. A gives the car on Rent to his Partnership firm at prevailing market rates and depreciates the car in his own books of A/c

After 3 years, Mr A sells the car for 2.00 Lacs

Can Mr. A enter loss (Depreciated value less Sale price) in his PnL ?

Seeking opinions pls.

Thx

Sanjay