If an asset having written down value was sold. Whether the loss arising out of that sale transaction should be treated as a business loss or capital loss?
Jayesh
(Internal Auditor)
(214 Points)
Replied 27 September 2011
loss,if any, arising out of sale of fixed asset shall be treated as short term capital loss, irrespective of the period for which the assets is held or used.
valji
(Accounts manager-MBA)
(2150 Points)
Replied 27 September 2011
if the asset are used for the business porose then loss will be business loss
Jayesh
(Internal Auditor)
(214 Points)
Replied 27 September 2011
Dear Valji,
I think, even if the assets are used for business purpose, it iwill be treated as short term capital loss only.
| Originally posted by : Jayesh | ||
 |
Dear Valji, I think, even if the assets are used for business purpose, it iwill be treated as short term capital loss only. |
 |
CAclubindia
