Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 March 2012
LOSS ON SALE OF BIKE CAN BE CLAIME AS ALLOWABLE EXPENSES FOR INDIVIDUAL
07 March 2012
If you were using the bike for business purpose and the bike was the only asset in the block of asset, then WDV less sale price shall be short term capital loss under Section 50.
Such short term capital loss can be set off against long term or short term capital gain.
It CANNOT be set off against any other income.
However, if the bike was used for personal purpose and not for business, then loss on sale is not allowed as an expense.
Such short term capital loss can be set off against long term or short term capital gain.
It CANNOT be set off against any other income.
However, if the bike was used for personal purpose and not for business, then loss on sale is not allowed as an expense.
07 March 2012
NOT ALLOWED AS EXPENSE.
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