26 May 2014
IN FIXED ASSET SHOW VALUE RS. 600000/- OF MY CAR, NOW I SOLD MAY CAR RS. 400000/-. CAN I TAKE EFFECT OF RS. 200000/- IN P & L A/c. KINDLY ADVICE ME
26 May 2014
if you are using as personal assets then you can not claim as loss or income what so ever.
if you are using in business assets then you can claim as loss or profit after taking depreciation u/s 32 of income tax act 1961. if your wdv of car is more than selling value then you can file return in Short term capital loss. if vice versa then as short term capital gain.
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