Hello,
Partnership firm sold a car (used in business). It was registered on one of the partner. the car wad sold in LOSS.
My queries-
1-Treament in GST
2-Treatment in accounts
3-income tax effect
Thank you
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Sale of used car by Partnership Firm treatment
Replies (1)
Summary: Since the car was sold at a loss, you generally do not need to pay GST (assuming the margin scheme applies and the margin is negative). For income tax, the loss is accounted for within the "block of assets" mechanism, effectively reducing the WDV of your motor vehicle block.
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