Entity being partnership firm has sold motor car for 40000 on 30/08/2014.block consists only one car. WDV as on 01/04/2014 is 48650. Please guide me how to deal with this
It can not be considered under Profits & Gains from Business or Profession. rather, you may claim as a 'Short Term Capital Loss' and claim in the same previous year itself.
CAclubindia
