20 June 2012
Mr. X, has a sole proprietorship business which includes a Motor Car, He sold the car during the year bearing a Capital Loss of Rs.250000/- He has no other Capital Gain. Please tell me whether he can adjust such loss under any other head of Income His Business Income is u/s 44AD.
20 June 2012
any capital loss...either short term or long term, can not be set off inter head..i.e. STCL or LTCL can not be set off against business income..including income u/s 44AD
CAclubindia
