To claim loss on sale of car in personal name
Querist : Anonymous
I have a Car worth Rs. 10,00,000/- in my personal name. Now I want to transfer the same at Rs. 8,00,000/- to my pvt. company.
Can I claim the loss on sale of Car in my personal file. Will it be allowable by Income Tax department.
What will be the situation if I transfer the car in profit. Will profit be taxable in my personal file.
Regarding depreciation, I think Depreciation is not allowable in personal file. Am I Corrrect
Thanks In Advance
Regards
Querist : Anonymous
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