Dear Sir/Mem.
We are partnership firm and we depreciate charge on fixed assets as per income tax. My question is that we have sold car at Rs 4,69,000 and our books opening (1.4.2020) of fixed assets car is 5,87,045.will be treet as capital loss or will be treat revenue loss.
kindly update on this.
as per income tax law depreciation provieded on block of asset where in case sale of car during the year the depreciation not provided and the whole amount of sale dedeuted from wdv of asset where the diffurence result to gain then it is treated to capital gain or if it is loss then it should be treated to capital loss . in your case the loss on car sale treated as a capital loss.
CAclubindia
