If a person sell his self used car after 3 years of buying then how we will calculate Income/loss on this transaction.
Can we use depreciation for income/loss calculation.
Example- I bought a car on 01.01.2017 at the cost of Rs. 8,00,000. I sold this on 31.12.2010 at Rs. 5,00,000.
Plz tell how i will calculate income/loss of this transaction and in which head i have to show this transaction in computation of Total Income.
CAclubindia
