Loss on sale of asset

Under the head capital gains. see section 45 to 54

 loss on sale of asset is called Short term or long term capital loss.

If asset is depreciable and there is no asset in block then it is short term capital loss.

if asset is not depreciable then if period of holding is more than 36 months then it is long term other wise it is short term.

Capital loss can be set off.

 Under the head of capital gain. 

I am not agreeing with the above suggestions because as per income tax act

Loss on sale of Fixed assets(If any) should be chargeable under head PGBP, not Capital gain

 No Akshey, u r not correct

loss of fixed asset is charged to P/L A/c in accounts and not in tax

under income tax it is charged under capital gain.

manish if ur block is no longer and there is loss on sale of assets u should charge this under head PGBP

it is chargeable under capital gains n ya u can get set off for the loss from ur capital gains

Agree with Mr.Manish...Under Capital gains

 if block of asset is no longer exist then capital gain or loss arise nd charged under capital gain

agree
 

i agree with akshay to some extent. if block of assets is nil then it will be regarded as short term or long term cap loss/profit depending upon the case. but if block exists then we have to charge in p&l under head pgbp whether therer is loss or profit on sale as a business loss.

 if block exist nd then there will be no capital loss. the amount of sale price will be reduced from WDV nd any balance remaining will be eligible for depreciation