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.
CAclubindia
